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EASTSPRING INVESTMENTSSOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLELUXEMBOURG

UNAUDITED SEMI-ANNUAL REPORTAS AT JUNE 30, 2016

26, boulevard RoyalL-2449 LuxembourgGrand Duchy of Luxembourg

R.C.S. Luxembourg B 81.110

No subscription can be received on the basis of this report. Subscriptions can be accepted only on the basis of the current Prospectus of the SICAV.

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EASTSPRING INVESTMENTS

TABLE OF CONTENTS

Directory, Administration and Management 2General Information 4Combined Statement of Net Assets 5Combined Statement of Operations and Changes in Net Assets 16Statement of Changes in Shares Outstanding 27Statistics 36Statement of Investments

Eastspring Investments – Asia Pacific Equity Fund(*) (“Asia Pacific Equity Fund”) Eastspring Investments – Asian Bond Fund (“Asian Bond Fund”)Eastspring Investments – Asian Dynamic Fund(*) (“Asian Dynamic Fund”)Eastspring Investments – Asian Equity Fund (“Asian Equity Fund”)Eastspring Investments – Asian Equity Income Fund (“Asian Equity Income Fund”)Eastspring Investments – Asian High Yield Bond Fund (“Asian High Yield Bond Fund”)Eastspring Investments – Asian Infrastructure Equity Fund (“Asian Infrastructure Equity Fund”)Eastspring Investments – Asian Local Bond Fund (“Asian Local Bond Fund”)Eastspring Investments – Asian Property Securities Fund(1) (“Asian Property Securities Fund”)Eastspring Investments – China Equity Fund (“China Equity Fund”)Eastspring Investments – Developed and Emerging Asia Equity Fund(*) (“Developed and Emerging Asia Equity Fund”)Eastspring Investments – Dragon Peacock Fund (“Dragon Peacock Fund”)Eastspring Investments – Emerging Asia Equity Fund(*) (“Emerging Asia Equity Fund”)Eastspring Investments – Emerging Europe, Middle East and Africa Dynamic Fund (“Emerging Europe, Middle East and Africa Dynamic Fund”)Eastspring Investments – European Investment Grade Bond Fund (“European Investment Grade Bond Fund”)Eastspring Investments – Global Bond Navigator Fund(*) (“Global Bond Navigator Fund”)Eastspring Investments – Global Emerging Markets Bond Fund(*) (“Global Emerging Markets Bond Fund”)Eastspring Investments – Global Emerging Markets Dynamic Fund (“Global Emerging Markets Dynamic Fund”)Eastspring Investments – Global Equity Navigator Fund(*) (“Global Equity Navigator Fund”)Eastspring Investments – Global Low Volatility Equity Fund(*) (“Global Low Volatility Equity Fund”)Eastspring Investments – Global Market Navigator Fund (“Global Market Navigator Fund”)Eastspring Investments – Global Multi Asset Income Plus Growth Fund(*) (“Global Multi Asset Income Plus Growth Fund”)Eastspring Investments – Global Technology Fund(*) (“Global Technology Fund”)Eastspring Investments – Greater China Equity Fund (“Greater China Equity Fund”)Eastspring Investments – Hong Kong Equity Fund (“Hong Kong Equity Fund”)Eastspring Investments – India Equity Fund (“India Equity Fund”)Eastspring Investments – Indonesia Equity Fund (“Indonesia Equity Fund”)Eastspring Investments – Japan Dynamic Fund (“Japan Dynamic Fund”)Eastspring Investments – Japan Equity Fund(*) (“Japan Equity Fund”)Eastspring Investments – Japan Fundamental Value Fund(*) (“Japan Fundamental Value Fund”)Eastspring Investments – Japan Smaller Companies Fund(*) (“Japan Smaller Companies Fund”) Eastspring Investments – Latin American Equity Fund (“Latin American Equity Fund”) Eastspring Investments – Malaysia Equity Fund(*) (“Malaysia Equity Fund”)Eastspring Investments – North American Value Fund (“North American Value Fund”)Eastspring Investments – Pan European Fund(*) (“Pan European Fund”)Eastspring Investments – Philippines Equity Fund(*) (“Philippines Equity Fund”)Eastspring Investments – Thailand Equity Fund (“Thailand Equity Fund”)Eastspring Investments – US Bond Fund(*) (“US Bond Fund”) Eastspring Investments – US Corporate Bond Fund (“US Corporate Bond Fund”)Eastspring Investments – US High Investment Grade Bond Fund (“US High Investment Grade Bond Fund”)Eastspring Investments – US High Yield Bond Fund (“US High Yield Bond Fund”)Eastspring Investments – US Investment Grade Bond Fund (“US Investment Grade Bond Fund”)Eastspring Investments – US Strategic Income Bond Fund(*) (“US Strategic Income Bond Fund”)Eastspring Investments – US Total Return Bond Fund(*) (“US Total Return Bond Fund”) Eastspring Investments – Vietnam Equity Fund(*) (“Vietnam Equity Fund”) Eastspring Investments – World Value Equity Fund (“World Value Equity Fund”)

Notes to the Financial Statements 226Appendices 245

(*) Not authorized in Hong Kong and not available to Hong Kong residents. (1) This Sub-Fund is not authorized by the Hong Kong Securities and Futures Commission under the Code on REITs, but is authorized under the Code on Unit Trusts and Mutual Funds. Such authorization is not a recommendation or endorsement of the Sub-Fund nor does it guarantee the commercial merits of the Sub-Fund or its performance. It does not mean the Sub-Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Furthermore, the dividend/payout policy of this Sub-Fund is not representative of the dividend/payout policy of the underlying REITs.

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Board of Directors

ChairmanMr Peter Martin LLOYDIndependent DirectorFormer Chief Actuary – Prudential Corporation AsiaUnited Kingdom

DirectorsMr Guy Robert STRAPPChief Executive OfficerEastspring Investments

Mrs Francine KEISERIndependent DirectorGrand Duchy of Luxembourg

Mr Manuel HAUSERIndependent DirectorGrand Duchy of Luxembourg

Administration and Management

Registered office26, boulevard RoyalL-2449 LuxembourgGrand Duchy of Luxembourg

Management CompanyEastspring Investments (Luxembourg) S.A.26, boulevard RoyalL-2449 LuxembourgGrand Duchy of Luxembourg

Board of Directors of the Management CompanyMr Guy Robert STRAPPChief Executive OfficerEastspring Investments

Mrs Michele Mi-Kyung BANGDeputy Chief Executive OfficerEastspring Investments

Mr Hendrik Gerrit RUITENBERGExecutive OfficerEastspring Investments (Luxembourg) S.A.

Conducting Officers of the Management CompanyMr Hendrik Gerrit RUITENBERGExecutive OfficerEastspring Investments (Luxembourg) S.A.

Mr Christophe BÉCUECompliance OfficerEastspring Investments (Luxembourg) S.A.

Administration and Management (continued)

Auditor of the Management CompanyKPMG Luxembourg, Société coopérative39, Avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Investment ManagerEastspring Investments (Singapore) Limited10 Marina Boulevard #32-01Marina Bay Financial Centre Tower 2Singapore 018983

Investment Sub-ManagersFor European Investment Grade Bond Fund,Pan European Fund and World Value Equity Fund(for investments in Europe):M&G Investment Management LimitedLaurence Pountney Hill, London EC4R OHHUnited Kingdom

For Global Technology Fund:Henderson Global Investors Limited4 Broadgate, London EC2M 3AEUnited Kingdom

For China Equity Fund, Greater China Equity Fundand Hong Kong Equity Fund:Eastspring Investments (Hong Kong) Limited13/F, One International Financial Centre1 Harbour View StreetCentral, Hong Kong

For Global Multi-Asset Income Plus Growth Fund (for investments in high yield bonds), North American Value Fund, US Bond Fund, US Corporate Bond Fund, US High Investment Grade Bond Fund, US High Yield Bond Fund, US Investment Grade Bond Fund, US Strategic Income Bond Fund, US Total Return Bond Fund and World Value Equity Fund (for investments in the US):PPM America, Inc.225 West Wacker Drive, Suite 1200Chicago, Illinois 60606United States of America

DIRECTORY, ADMINISTRATION AND MANAGEMENT

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Administration and Management (continued)

Global DistributorEastspring Investments (Singapore) Limited10 Marina Boulevard #32-01Marina Bay Financial Centre Tower 2Singapore 018983

Depositary, Central Administration, Registrar and Transfer Agent and Listing AgentThe Bank of New York Mellon (Luxembourg) S.A.Vertigo Building - Polaris2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

Auditor of the SICAVKPMG Luxembourg Société coopérative39, Avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Legal AdvisorClifford Chance10, boulevard G-D CharlotteL-1011 LuxembourgGrand Duchy of Luxembourg

DIRECTORY, ADMINISTRATION AND MANAGEMENT (continued)

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Current ProspectusCopies of Eastspring Investments’ (the “SICAV”) Articles of Association and Prospectus dated March 2016 and KIID may be obtained, free of charge, from the Registered Office of the SICAV.

Please refer to the Prospectus dated March 2016 to have the current applicable terms and conditions.

The SICAV is governed by the Luxembourg Law dated December 17, 2010, as amended (the “2010 Law”). The SICAV complies with the provisions of Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).

Annual General MeetingThe annual general meeting of Shareholders of the SICAV will be held at the Registered Office of the SICAV or at such other place in Luxembourg on the second Friday of April in each year at 11 a.m., or if any such day is not a business day in Luxembourg, on the next following business day in Luxembourg.

Notices of all general meetings will be sent to the holders of registered Shares by post 8 days prior to the meeting at their addresses in the register of Shareholders.

The notices of all general meetings of Shareholders may be published in any newspapers as the Board of Directors may decide.

Report and AccountsThe financial year-end of the SICAV will be the last day of December of each year.

Audited annual reports will be published within 4 months after the financial year-end and unaudited semi-annual reports will be published within 2 months after the end of the relevant period. Such reports will be made available at the registered office of the SICAV during normal business hours.

Publication of PricesThe NAV and the issue, Conversion and Redemption Prices of the Shares in any Sub-Fund will be made public and available at the website of the Management Company (www.eastspring.lu) registered office of the SICAV.

Prices for the share classes listed on the Luxembourg Stock Exchange are available on the Bourse de Luxembourg (www.bourse.lu).

Purchases and SalesA detailed list of investments purchased and sold for any Sub-Fund during the year/period is available upon request, free of charge, from the Registered Office of the SICAV.

GENERAL INFORMATION

The accompanying notes form an integral part of these financial statements. 5


Combined Statement of Net AssetsAs at June 30, 2016 (continued)

Asia PacificEquity

Fund

AsianBondFund

AsianDynamic

Fund

AsianEquity

FundNote USD USD USD USD

AssetsInvestment in securities at cost 1,185,705,560 2,734,377,625 147,467,765 308,551,676 Unrealised appreciation/(depreciation) (138,985,310) 124,529,667 (24,592,420) (33,584,914)

Investments in securities at market value 2(a) 1,046,720,250 2,858,907,292 122,875,345 274,966,762 Cash at bank 207,983,259 60,046,221 9,532,499 6,606,925 Cash equivalents* – 102,711,549 – – Amounts receivable on sale of investments 4,366,489 – 110,716 383,040 Amounts receivable on subscriptions 381,267 26,776,583 – 201,739 Interest and dividends receivable, net 10,791,696 30,475,336 990,538 2,265,898 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – 1,402,932 – 1,775 Market value of credit default swaps 2(d), 12 – 190,926 – – Other assets – – – 11

Total assets 1,270,242,961 3,080,510,839 133,509,098 284,426,150

LiabilitiesCash owed to bank 194,383,887 – – – Amounts payable on purchase of investments 6,955,335 – – – Amounts payable on redemptions 55,543 1,050,112 – 224,973 Unrealised depreciation on futures contracts 2(c), 10 – 675,744 – – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 412 358,614 5,275 48,632 Tax and expenses payable 242,859 526,592 32,811 133,312 Other liabilities – 3,250 – –

Total liabilities 201,638,036 2,614,312 38,086 406,917

Total net asset value prior to dilution 1,068,604,925 3,077,896,527 133,471,012 284,019,233

Adjustment due to dilution – – – –

Total net asset value after dilution 1,068,604,925 3,077,896,527 133,471,012 284,019,233

* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.

Combined Statement of Net Assets

6 The accompanying notes form an integral part of these financial statements.



AsianEquity

IncomeFund

Asian HighYield Bond

Fund

AsianInfrastructure

EquityFund

AsianLocalBondFund

Note USD USD USD USD

AssetsInvestment in securities at cost 671,363,165 144,033,634 27,164,398 2,065,764,197 Unrealised appreciation/(depreciation) (44,367,680) 2,291,653 (1,028,774) 2,272,728

Investments in securities at market value 2(a) 626,995,485 146,325,287 26,135,624 2,068,036,925 Cash at bank 11,670,969 2,790,811 438,100 95,925,855 Cash equivalents* 2,262 4,866,773 – 233,280 Amounts receivable on sale of investments 1,527,946 396,600 – 3,591,100 Amounts receivable on subscriptions 6,749,603 840,522 6,338 10,288,999 Interest and dividends receivable, net 6,004,992 2,608,845 60,399 24,067,197 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 690,879 200,433 – 615,572 Market value of credit default swaps 2(d), 12 – – – – Other assets 3,514 – 7 –

Total assets 653,645,650 158,029,271 26,640,468 2,202,758,928

LiabilitiesCash owed to bank – – – – Amounts payable on purchase of investments – 161,400 – 9,622,622 Amounts payable on redemptions 1,299,809 192,450 61,925 260,224 Unrealised depreciation on futures contracts 2(c), 10 – – – 2,132,586 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 129,783 81,046 25,884 54,888 Tax and expenses payable 110,615 59,736 20,038 484,712 Other liabilities – 5,850 – 39,814

Total liabilities 1,540,207 500,482 107,847 12,594,846

Total net asset value prior to dilution 652,105,443 157,528,789 26,532,621 2,190,164,082


Total net asset value after dilution 652,105,443 157,528,789 26,532,621 2,190,164,082





AsianProperty

SecuritiesFund

ChinaEquity

Fund

Developedand Emerging

Asia EquityFund(1)

DragonPeacock


AssetsInvestment in securities at cost 7,088,360 272,482,296 2,703,801,294 102,956,308 Unrealised appreciation/(depreciation) (23,670) (14,023,127) (236,460,780) 3,143,850

Investments in securities at market value 2(a) 7,064,690 258,459,169 2,467,340,514 106,100,158 Cash at bank 17,466 1,499,176 382,155,090 1,169,290 Cash equivalents* (222) (355) 4,576 – Amounts receivable on sale of investments 110,560 – 1,032,655 4,156 Amounts receivable on subscriptions – 425,813 – 23,884 Interest and dividends receivable, net 44,603 4,374,400 18,372,234 1,040,552 Unrealised appreciation on futures contracts 2(c), 10 – – 4,087,285 – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – 207,609 – – Market value of credit default swaps 2(d), 12 – – – – Other assets – – 3,347 –

Total assets 7,237,097 264,965,812 2,872,995,701 108,338,040

LiabilitiesCash owed to bank – – 189,874,514 – Amounts payable on purchase of investments 68,158 – 5,061,096 – Amounts payable on redemptions – 1,175,184 – 830,715 Unrealised depreciation on futures contracts 2(c), 10 – – – – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 265 176,100 235 127,565 Tax and expenses payable 4,188 139,325 345,955 79,981 Other liabilities – – 16,423 –

Total liabilities 72,611 1,490,609 195,298,223 1,038,261

Total net asset value prior to dilution 7,164,486 263,475,203 2,677,697,478 107,299,779


Total net asset value after dilution 7,164,486 263,475,203 2,677,697,478 107,299,779

* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.(1) Sub-Fund name changed, see Note 1.




EmergingAsia

EquityFund

EmergingEurope,

Middle Eastand Africa

DynamicFund

EuropeanInvestment

GradeBondFund

GlobalBond

NavigatorFund

Note USD USD EUR USD

AssetsInvestment in securities at cost 88,741,663 388,934,771 483,094,165 11,622,178 Unrealised appreciation/(depreciation) (10,031,324) (46,955,402) 15,470,382 335,149

Investments in securities at market value 2(a) 78,710,339 341,979,369 498,564,547 11,957,327 Cash at bank 10,351,808 14,260,671 14,643,159 242,178 Cash equivalents* – – (1,997) – Amounts receivable on sale of investments 20,144 – – – Amounts receivable on subscriptions – 2,914,990 277 – Interest and dividends receivable, net 1,063,821 1,120,628 6,117,074 26,646 Unrealised appreciation on futures contracts 2(c), 10 331,341 – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Other assets – – – –

Total assets 90,477,453 360,275,658 519,323,060 12,226,151

LiabilitiesCash owed to bank – – – – Amounts payable on purchase of investments – – – – Amounts payable on redemptions – – 139,522 152,000 Unrealised depreciation on futures contracts 2(c), 10 – – 1,680,068 – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – 148,145 – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 – 1 902 12,304 Tax and expenses payable 19,086 141,662 60,724 10,978 Other liabilities 738 599 – –

Total liabilities 19,824 142,262 2,029,361 175,282

Total net asset value prior to dilution 90,457,629 360,133,396 517,293,699 12,050,869

Adjustment due to dilution – – – (57,844)

Total net asset value after dilution 90,457,629 360,133,396 517,293,699 11,993,025





GlobalEmerging

MarketsBond Fund

GlobalEmerging

MarketsDynamic

Fund

GlobalEquity

NavigatorFund

GlobalLow

VolatilityEquity


AssetsInvestment in securities at cost 883,455,483 551,274,218 68,017,914 103,648,585 Unrealised appreciation/(depreciation) 14,765,232 (13,658,131) 1,881,407 10,936,043

Investments in securities at market value 2(a) 898,220,715 537,616,087 69,899,321 114,584,628 Cash at bank 10,861,052 26,157,303 12,824,870 3,078,446 Cash equivalents* 7,504,638 (11) – – Amounts receivable on sale of investments 2,205,600 5,490,582 – – Amounts receivable on subscriptions 4,033 – – – Interest and dividends receivable, net 14,149,489 5,218,548 14,306 340,736 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 736,669 – – – Market value of credit default swaps 2(d), 12 – – – – Other assets – 1,874 – 500

Total assets 933,682,196 574,484,383 82,738,497 118,004,310

LiabilitiesCash owed to bank – – – – Amounts payable on purchase of investments 7,153,247 6,059,025 – – Amounts payable on redemptions 183,410 24,661 – – Unrealised depreciation on futures contracts 2(c), 10 – – 371,588 – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 74,443 1 8 – Tax and expenses payable 153,133 108,384 17,268 18,454 Other liabilities 118,942 3,629 – –


Total net asset value prior to dilution 925,999,021 568,288,683 82,349,633 117,985,856


Total net asset value after dilution 925,999,021 568,288,683 82,349,633 117,985,856





GlobalMarket

NavigatorFund

GlobalMulti Asset

Income PlusGrowth

Fund(2)

GlobalTechnology

Fund

GreaterChina

EquityFund

Hong KongEquity

FundNote USD USD USD USD USD

AssetsInvestment in securities at cost 128,615,466 114,211,627 62,934,159 111,506,467 701,951,524 Unrealised appreciation/(depreciation) 4,317,296 6,053,685 17,822,575 1,752,202 (29,161,051)

Investments in securities at market value 2(a) 132,932,762 120,265,312 80,756,734 113,258,669 672,790,473 Cash at bank 3,126,105 1,445,229 3,390,741 922,887 13,153,348 Cash equivalents* 7 – (534) – – Amounts receivable on sale of investments – 420,434 478,107 716,803 2,429,651 Amounts receivable on subscriptions 21,155 – 11,903 35,057 9,057 Interest and dividends receivable, net 177,569 495,757 69,408 1,355,951 2,541,092 Unrealised appreciation on futures contracts 2(c), 10 – – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 6,158 – – – – Market value of credit default swaps 2(d), 12 – – – – – Other assets – – – – –

Total assets 136,263,756 122,626,732 84,706,359 116,289,367 690,923,621

LiabilitiesCash owed to bank 1,317,251 – 247,434 – – Amounts payable on purchase of investments – 340,209 – 1,110,539 12,810,553 Amounts payable on redemptions 691 – 162,498 63,865 6,199,581 Unrealised depreciation on futures contracts 2(c), 10 – – – – – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – – – – Market value of credit default swaps 2(d), 12 – – – – – Management fees payable 3 7,562 – 64,763 63,553 4,251 Tax and expenses payable 18,934 20,054 24,037 37,633 104,196 Other liabilities – – – – –

Total liabilities 1,344,438 360,263 498,732 1,275,590 19,118,581

Total net asset value prior to dilution 134,919,318 122,266,469 84,207,627 115,013,777 671,805,040

Adjustment due to dilution – – – – –

Total net asset value after dilution 134,919,318 122,266,469 84,207,627 115,013,777 671,805,040

* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.(2) New Sub-Fund launched, see Note 1.




IndiaEquity

Fund

IndonesiaEquity

Fund

JapanDynamic

Fund

JapanEquity

FundNote USD USD JPY JPY

AssetsInvestment in securities at cost 142,959,050 198,321,510 233,877,614,815 25,573,728,687 Unrealised appreciation/(depreciation) 13,429,124 (6,422,114) (58,098,515,439) (4,456,827,189)

Investments in securities at market value 2(a) 156,388,174 191,899,396 175,779,099,376 21,116,901,498 Cash at bank 1,404,018 2,356,215 2,084,500,695 290,620,719 Cash equivalents* – (11) (439,273) (28,239)Amounts receivable on sale of investments 5,999 22,702 874,269,314 7,341,300 Amounts receivable on subscriptions 172,526 1,622,105 326,947,836 221,006 Interest and dividends receivable, net 244,428 298,596 205,638,892 26,115,160 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Other assets – 1,309 352,927 –

Total assets 158,215,145 196,200,312 179,270,369,767 21,441,171,444

LiabilitiesCash owed to bank – – – – Amounts payable on purchase of investments – – 1,121,724,287 7,511,629 Amounts payable on redemptions 275,067 259,158 583,978,638 49,934,043 Unrealised depreciation on futures contracts 2(c), 10 – – – – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – 1,908,713,214 12,583,578 Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 33,415 88,251 148,927,289 1,690,841 Tax and expenses payable 78,885 102,203 42,936,149 4,698,470 Other liabilities – – – 949

Total liabilities 387,367 449,612 3,806,279,577 76,419,510

Total net asset value prior to dilution 157,827,778 195,750,700 175,464,090,190 21,364,751,934


Total net asset value after dilution 157,827,778 195,750,700 175,464,090,190 21,364,751,934





JapanFundamental

ValueFund

JapanSmaller

CompaniesFund

LatinAmerican

EquityFund

MalaysiaEquity

FundNote JPY JPY USD USD

AssetsInvestment in securities at cost 46,551,729,610 20,495,553,286 280,298,493 8,181,220 Unrealised appreciation/(depreciation) (8,607,362,710) (2,948,831,628) (42,004,011) (637,972)

Investments in securities at market value 2(a) 37,944,366,900 17,546,721,658 238,294,482 7,543,248 Cash at bank 417,233,396 193,217,826 5,947,934 277,426 Cash equivalents* 112,585 121,615 – – Amounts receivable on sale of investments 167,286,601 113,102,258 – – Amounts receivable on subscriptions 501,634 88,962,398 8,062,630 – Interest and dividends receivable, net 47,508,116 22,465,237 688,932 30,399 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Other assets 130,692 47,329 – 9,426

Total assets 38,577,139,924 17,964,638,321 252,993,978 7,860,499

LiabilitiesCash owed to bank – 1 – – Amounts payable on purchase of investments 132,889,707 274,411,411 – – Amounts payable on redemptions – – 9,042 – Unrealised depreciation on futures contracts 2(c), 10 – – – – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 3,058 – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 211 8,675,003 6,823 1,571 Tax and expenses payable 5,539,383 3,675,334 66,069 3,905 Other liabilities – 238 822 –


Total net asset value prior to dilution 38,438,707,565 17,677,876,334 252,911,222 7,855,023


Total net asset value after dilution 38,438,707,565 17,677,876,334 252,911,222 7,855,023





NorthAmerican

ValueFund

PanEuropean

Fund

PhilippinesEquity

Fund

ThailandEquity


AssetsInvestment in securities at cost 1,771,738,981 45,859,890 63,162,921 15,760,300 Unrealised appreciation/(depreciation) 8,712,621 (3,322,950) 3,311,637 (150,930)

Investments in securities at market value 2(a) 1,780,451,602 42,536,940 66,474,558 15,609,370 Cash at bank 9,930,307 364,637 1,186,814 230,690 Cash equivalents* (104) 134 18 – Amounts receivable on sale of investments – – – – Amounts receivable on subscriptions 154 364,332 756,633 48,033 Interest and dividends receivable, net 2,493,746 57,693 37,565 – Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 13,565 – – – Market value of credit default swaps 2(d), 12 – – – – Other assets – – 3,162 3,252

Total assets 1,792,889,270 43,323,736 68,458,750 15,891,345

LiabilitiesCash owed to bank – 26 – – Amounts payable on purchase of investments – – – – Amounts payable on redemptions 19,654 607,373 107,832 6,296 Unrealised depreciation on futures contracts 2(c), 10 – – – – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 3,920 29,804 29,606 7,207 Tax and expenses payable 208,826 16,477 29,928 9,769 Other liabilities – – – –

Total liabilities 232,400 653,680 167,366 23,272

Total net asset value prior to dilution 1,792,656,870 42,670,056 68,291,384 15,868,073


Total net asset value after dilution 1,792,656,870 42,670,056 68,291,384 15,868,073





US BondFund

US CorporateBondFund

US HighInvestment

Grade BondFund

US HighYieldBondFund

US InvestmentGradeBondFund

Note USD USD USD USD USD

AssetsInvestment in securities at cost 57,090,161 4,633,436,677 227,991,389 1,755,727,892 411,543,539 Unrealised appreciation/(depreciation) 2,381,583 230,329,980 11,080,085 (109,082,409) 25,914,827

Investments in securities at market value 2(a) 59,471,744 4,863,766,657 239,071,474 1,646,645,483 437,458,366 Cash at bank – 1,228 4,321,325 – 1,387,489 Cash equivalents* 6,520 (1,052) 277,104 3,105 32,674 Amounts receivable on sale of investments 5,849,907 72,265,698 1,807,586 – 2,714,474 Amounts receivable on subscriptions 305,460 8,716,505 495,514 6,713,498 3,079,291 Interest and dividends receivable, net 257,200 35,220,126 1,599,154 27,456,720 3,825,685 Unrealised appreciation on futures contracts 2(c), 10 – – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – 18,281,651 53,310 Market value of credit default swaps 2(d), 12 – – – – – Other assets – – – – –

Total assets 65,890,831 4,979,969,162 247,572,157 1,699,100,457 448,551,289

LiabilitiesCash owed to bank 112,658 39,029,252 – 8,718,446 – Amounts payable on purchase of investments 7,870,633 72,853,474 2,499,550 – 8,319,356 Amounts payable on redemptions 1,961,759 4,198,097 3,189,310 13,967,898 6,731,285 Unrealised depreciation on futures contracts 2(c), 10 – 159,688 273,867 – – Unrealised depreciation on forward foreign exchange contracts 2(c), 11 234,867 4,963,338 – – – Market value of credit default swaps 2(d), 12 – – 153,575 – 18,068 Management fees payable 3 29,924 239,222 20,600 1,063,916 270,437 Tax and expenses payable 33,225 668,903 49,793 577,666 149,864 Other liabilities 10,554 6,838 – – 7,525

Total liabilities 10,253,620 122,118,812 6,186,695 24,327,926 15,496,535

Total net asset value prior to dilution 55,637,211 4,857,850,350 241,385,462 1,674,772,531 433,054,754

Adjustment due to dilution 195,586 – – – –

Total net asset value after dilution 55,832,797 4,857,850,350 241,385,462 1,674,772,531 433,054,754





US StrategicIncome

BondFund

US TotalReturn

BondFund

VietnamEquity

Fund

WorldValue

EquityFund Combined(3)


AssetsInvestment in securities at cost 48,008,642 50,278,340 2,075,584 312,128,539 27,323,785,134Unrealised appreciation/(depreciation) 574,755 1,347,329 572,867 (4,964,168) (975,537,844)

Investments in securities at market value 2(a) 48,583,397 51,625,669 2,648,451 307,164,371 26,348,247,290 Cash at bank 3,749,999 5,741,178 28,838 2,898,346 964,801,573 Cash equivalents* – – – 381 115,636,242 Amounts receivable on sale of investments 1,377,553 3,803,810 – 1,189,211 123,626,671 Amounts receivable on subscriptions – – – 50,145 83,131,518 Interest and dividends receivable, net 462,153 326,115 3,858 467,497 210,876,067 Unrealised appreciation on futures contracts 2(c), 10 – – – – 4,418,626 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – 203,196 22,413,749 Market value of credit default swaps 2(d), 12 – – – – 190,926 Other assets 59 64 6,416 – 38,107

Total assets 54,173,161 61,496,836 2,687,563 311,973,147 27,873,380,769

LiabilitiesCash owed to bank – 559 – – 433,684,027 Amounts payable on purchase of investments 3,141,387 8,842,375 – 376,055 168,194,055 Amounts payable on redemptions – – – 583,708 50,176,586 Unrealised depreciation on futures contracts 2(c), 10 266,672 103,819 – – 5,851,610 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 – – – – 24,055,307 Market value of credit default swaps 2(d), 12 – – – – 171,642 Management fees payable 3 – – 2,136 213,012 4,826,204 Tax and expenses payable 9,348 9,517 8,472 80,643 5,578,030Other liabilities 3,197 10,184 – – 228,377

Total liabilities 3,420,604 8,966,454 10,608 1,253,418 692,765,838

Total net asset value prior to dilution 50,752,557 52,530,382 2,676,955 310,719,729 27,180,614,931

Adjustment due to dilution – – 28,376 – 109,366

Total net asset value after dilution 50,752,557 52,530,382 2,648,579 310,719,729 27,180,724,297

* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.(3) See Note 2(f).



Combined Statement of Operations and Changes in Net AssetsFor the Period Ended June 30, 2016 (continued)

Asia PacificEquity

Fund

AsianBondFund

AsianDynamic

Fund

AsianEquity


Net assets at the beginning of the period 1,119,958,884 2,727,928,502 131,813,097 619,208,749

IncomeDividends, net 22,464,164 – 2,097,542 6,987,733 Interest on bonds, net – 64,016,489 – – Mutual funds income – – – – Interest from money market deposits – – – – Bank interest, net 1 288,353 1 2

Total Income 22,464,165 64,304,842 2,097,543 6,987,735

ExpensesManagement fees 3 2,323 2,164,409 30,507 299,431 Administration fees 4 774 350,634 4,197 13,168 Depositary fees 173,690 271,521 18,973 86,990 Transaction fees 7, 16 52,361 11,247 9,722 60,993 Central Administration, Registrar and Transfer Agent fees 5 83,780 216,138 16,631 49,495 Audit fees, printing and publication expenses 7 6,644 16,710 748 3,478 Subscription tax 6 60,845 201,244 6,832 23,075 Bank interest, net 2,511 7,068 – 3,450 Compliance fees 7 – – – – Directors fees 7 3,193 7,954 374 1,734 Interest on swaps 12 – 50,556 – – Other charges 7 30,640 38,591 19,312 27,758

Total expenses 416,761 3,336,072 107,296 569,572

Net surplus / (deficit) from Investments 22,047,404 60,968,770 1,990,247 6,418,163

Net realised profit / (loss) on:Sales of investments (131,070,370) 5,102,777 (17,253,085) (89,116,251)Futures contracts – 137,466 – – Forward foreign exchange contracts (198,368) (3,570,711) 5,902 30,150 Credit default swaps – 57,994 – – Foreign exchange 1,695,218 (405,042) (42,351) (409,934)

Net realised profit / (loss) (129,573,520) 1,322,484 (17,289,534) (89,496,035)

Change in net unrealised appreciation / (depreciation) on:Investments 98,175,381 119,799,199 16,746,881 77,300,450 Future contracts – (675,744) – – Forward foreign exchange contracts – 4,003,348 – 11,831 Credit default swaps – (57,994) – – Foreign exchange 147,688 (22,812) (8,987) 1,389

Net change in unrealised appreciation/(depreciation) 98,323,069 123,045,997 16,737,894 77,313,670

Net increase / (decrease) in net assets as a result of operations (9,203,047) 185,337,251 1,438,607 (5,764,202)

Movement in capitalIssue of shares 281,397,362 599,059,057 219,372 49,431,710 Redemption of shares (314,464,805) (394,601,225) (64) (378,854,755)

Dividends and distributionsDividends and distributions declared during the period (9,083,469) (39,827,058) – (2,269)

Change in total net assets for the period (51,353,959) 349,968,025 1,657,915 (335,189,516)

Currency translation – – – –

Net assets at the end of the period 1,068,604,925 3,077,896,527 133,471,012 284,019,233

Combined Statement of Operations and Changes in Net Assets




AsianEquity

IncomeFund

Asian HighYield Bond

Fund

AsianInfrastructure

EquityFund

AsianLocalBondFund

Note USD USD USD USD

Net assets at the beginning of the period 329,522,174 146,379,805 24,866,574 2,105,214,418

IncomeDividends, net 11,661,832 – 468,768 – Interest on bonds, net – 5,204,542 – 44,685,919 Mutual funds income – – – – Interest from money market deposits – – – – Bank interest, net 2 16,912 – 124,875

Total Income 11,661,834 5,221,454 468,768 44,810,794

ExpensesManagement fees 3 819,296 493,928 154,489 260,242 Administration fees 4 – 94,397 38,950 34,668 Depositary fees 37,546 13,152 5,923 600,135 Transaction fees 7, 16 72,352 5,624 12,042 33,513 Central Administration, Registrar and Transfer Agent fees 5 61,749 42,509 12,895 146,614 Audit fees, printing and publication expenses 7 1,767 872 149 12,578 Subscription tax 6 39,487 22,898 4,607 118,045 Bank interest, net 378 340 1,363 2,504 Compliance fees 7 – – – – Directors fees 7 909 422 73 6,147 Interest on swaps 12 – – – – Other charges 7 23,020 1,928 15,278 41,483

Total expenses 1,056,504 676,070 245,769 1,255,929

Net surplus / (deficit) from Investments 10,605,330 4,545,384 222,999 43,554,865

Net realised profit / (loss) on:Sales of investments (23,886,002) (1,443,576) (95,888) 4,208,269 Futures contracts – – – (1,904,862)Forward foreign exchange contracts (1,783,778) 1,668,993 204 4,088,492 Credit default swaps – – – – Foreign exchange 176,912 135,266 (753) 491,676

Net realised profit / (loss) (25,492,868) 360,683 (96,437) 6,883,575

Change in net unrealised appreciation / (depreciation) on:Investments 28,369,727 9,294,333 863,444 139,367,139 Future contracts – – – (2,428,008)Forward foreign exchange contracts 2,896,343 273,012 – 697,381 Credit default swaps – – – – Foreign exchange (9,910) 7,563 609 112,130

Net change in unrealised appreciation/(depreciation) 31,256,160 9,574,908 864,053 137,748,642

Net increase / (decrease) in net assets as a result of operations 16,368,622 14,480,975 990,615 188,187,082

Movement in capitalIssue of shares 357,862,921 28,960,200 3,216,142 232,392,753 Redemption of shares (47,123,831) (29,713,578) (2,540,710) (250,110,485)

Dividends and distributionsDividends and distributions declared during the period (4,524,443) (2,578,613) – (85,519,686)

Change in total net assets for the period 322,583,269 11,148,984 1,666,047 84,949,664


Net assets at the end of the period 652,105,443 157,528,789 26,532,621 2,190,164,082




AsianProperty

SecuritiesFund

ChinaEquity

Fund

Developedand Emerging

Asia EquityFund(1)

DragonPeacock


Net assets at the beginning of the period 7,338,034 258,825,947 2,391,406,526 116,213,973

IncomeDividends, net 152,461 5,744,624 42,297,846 1,668,678 Interest on bonds, net – – – – Mutual funds income – – – – Interest from money market deposits – – – – Bank interest, net 2,537 – 8,958 1

Total Income 154,998 5,744,624 42,306,804 1,668,679

ExpensesManagement fees 3 1,560 1,059,050 235 770,117 Administration fees 4 520 343,560 – 220,034 Depositary fees 492 16,990 231,372 26,283 Transaction fees 7, 16 3,880 25,164 23,247 39,575 Central Administration, Registrar and Transfer Agent fees 5 10,462 62,983 87,016 18,178 Audit fees, printing and publication expenses 7 42 1,463 13,182 629 Subscription tax 6 409 40,563 116,075 23,104 Bank interest, net 112 3,522 323 158 Compliance fees 7 – – – – Directors fees 7 21 738 6,587 317 Interest on swaps 12 – – – – Other charges 7 11,517 32,446 142,002 26,018

Total expenses 29,015 1,586,479 620,039 1,124,413

Net surplus / (deficit) from Investments 125,983 4,158,145 41,686,765 544,266

Net realised profit / (loss) on:Sales of investments (150,064) (13,545,360) (679,049,605) (6,240,505)Futures contracts – – 8,882,230 – Forward foreign exchange contracts – (515,765) (14,560) – Credit default swaps – – – – Foreign exchange 705 19,395 (920,460) (35,931)

Net realised profit / (loss) (149,359) (14,041,730) (671,102,395) (6,276,436)

Change in net unrealised appreciation / (depreciation) on:Investments 369,691 (1,008,996) 571,601,339 3,647,932 Future contracts – – 4,087,285 – Forward foreign exchange contracts – 741,291 – – Credit default swaps – – – – Foreign exchange 55 (25,117) (342,626) (5,240)

Net change in unrealised appreciation/(depreciation) 369,746 (292,822) 575,345,998 3,642,692

Net increase / (decrease) in net assets as a result of operations 346,370 (10,176,407) (54,069,632) (2,089,478)

Movement in capitalIssue of shares 29,505 80,341,244 2,529,497,553 2,865,567 Redemption of shares (545,550) (65,325,257) (2,189,136,969) (9,690,283)

Dividends and distributionsDividends and distributions declared during the period (3,873) (190,324) – –

Change in total net assets for the period (173,548) 4,649,256 286,290,952 (8,914,194)


Net assets at the end of the period 7,164,486 263,475,203 2,677,697,478 107,299,779

(1) Sub-Fund name change, see Note 1.




EmergingAsia

EquityFund

EmergingEurope,

Middle Eastand Africa

DynamicFund

EuropeanInvestment

GradeBondFund

GlobalBond

NavigatorFund

Note USD USD EUR USD

Net assets at the beginning of the period 85,673,711 357,287,064 203,121,353 12,265,473

IncomeDividends, net 1,691,652 6,209,595 – –Interest on bonds, net – – 4,917,495 64,539 Mutual funds income – – – 142,363 Interest from money market deposits – – – – Bank interest, net – 105 – 177

Total Income 1,691,652 6,209,700 4,917,495 207,079

ExpensesManagement fees 3 – 6 5,452 72,595 Administration fees 4 – 1 654 29,038 Depositary fees 12,546 166,558 28,761 (3,582)Transaction fees 7, 16 7,363 27,468 29,575 1,689 Central Administration, Registrar and Transfer Agent fees 5 9,213 126,823 56,960 6,295 Audit fees, printing and publication expenses 7 494 2,127 2,470 70 Subscription tax 6 4,338 17,996 25,785 2,987 Bank interest, net – 253 40,752 – Compliance fees 7 – – 1,348 – Directors fees 7 245 1,060 983 34 Interest on swaps 12 – – – – Other charges 7 31,077 3,028 17,943 5,455

Total expenses 65,276 345,320 210,683 114,581

Net surplus / (deficit) from Investments 1,626,376 5,864,380 4,706,812 92,498

Net realised profit / (loss) on:Sales of investments (3,791,452) (32,968,079) 6,307,546 (180,511)Futures contracts 53,565 – (3,376,262) – Forward foreign exchange contracts – (553,448) 967,345 (11,946)Credit default swaps – – – – Foreign exchange 8,532 2,057 (162,655) 10,766

Net realised profit / (loss) (3,729,355) (33,519,470) 3,735,974 (181,691)

Change in net unrealised appreciation / (depreciation) on:Investments 6,599,869 71,835,330 16,958,686 650,243 Future contracts 243,741 – (1,887,367) – Forward foreign exchange contracts – – 85,009 (3,481)Credit default swaps – – – – Foreign exchange 43,287 (3,571) 6,456 (1,839)

Net change in unrealised appreciation/(depreciation) 6,886,897 71,831,759 15,162,784 644,923

Net increase / (decrease) in net assets as a result of operations 4,783,918 44,176,669 23,605,570 555,730


Dividends and distributionsDividends and distributions declared during the period – – (8,192) –

Change in total net assets for the period 4,783,918 2,846,332 314,172,346 (272,448)


Net assets at the end of the period 90,457,629 360,133,396 517,293,699 11,993,025




GlobalEmerging

MarketsBond Fund

GlobalEmerging

MarketsDynamic

Fund

GlobalEquity

NavigatorFund

GlobalLow

VolatilityEquity


Net assets at the beginning of the period 764,889,886 455,758,078 82,547,470 103,388,585

IncomeDividends, net – 9,549,034 – 1,463,435 Interest on bonds, net 23,044,015 – – – Mutual funds income – – 54,794 – Interest from money market deposits – – – – Bank interest, net 62,226 – – 1

Total Income 23,106,241 9,549,034 54,794 1,463,436

ExpensesManagement fees 3 413,741 6 45 – Administration fees 4 82,750 2 15 – Depositary fees 81,108 86,685 13,328 11,833 Transaction fees 7, 16 4,092 13,229 2,322 5,296 Central Administration, Registrar and Transfer Agent fees 5 83,925 55,828 7,378 10,692 Audit fees, printing and publication expenses 7 4,836 2,745 470 635 Subscription tax 6 58,538 25,925 2,807 5,756 Bank interest, net 87,582 2,253 2,583 23 Compliance fees 7 – – – – Directors fees 7 2,308 1,264 235 311 Interest on swaps 12 – – – – Other charges 7 7,187 10,721 3,924 5,938

Total expenses 826,067 198,658 33,107 40,484

Net surplus / (deficit) from Investments 22,280,174 9,350,376 21,687 1,422,952

Net realised profit / (loss) on:Sales of investments (2,138,874) (51,597,806) 1,149,463 (482,921)Futures contracts – – (1,398,830) – Forward foreign exchange contracts 287,613 (856,499) 740 (576)Credit default swaps – – – – Foreign exchange (2,149,482) 298,253 (135,456) 36,674

Net realised profit / (loss) (4,000,743) (52,156,052) (384,083) (446,823)

Change in net unrealised appreciation / (depreciation) on:Investments 55,588,539 96,337,215 648,857 7,872,040 Future contracts – – (568,871) – Forward foreign exchange contracts 2,888,592 – – – Credit default swaps – – – – Foreign exchange (14,863) 30,660 84,573 (1,269)

Net change in unrealised appreciation/(depreciation) 58,462,268 96,367,875 164,559 7,870,771

Net increase / (decrease) in net assets as a result of operations 76,741,699 53,562,199 (197,837) 8,846,900

Movement in capitalIssue of shares 149,535,029 538,624,003 – 5,750,371 Redemption of shares (63,639,717) (479,655,597) – –

Dividends and distributionsDividends and distributions declared during the period (1,527,876) – – –

Change in total net assets for the period 161,109,135 112,530,605 (197,837) 14,597,271


Net assets at the end of the period 925,999,021 568,288,683 82,349,633 117,985,856




GlobalMarket

NavigatorFund

GlobalMulti Asset

Income PlusGrowth

Fund(2)

GlobalTechnology

Fund

GreaterChina

EquityFund

Hong KongEquity

FundNote USD USD USD USD USD

Net assets at the beginning of the period 13,175,295 – 91,200,845 112,771,449 585,203,395

IncomeDividends, net 736,662 670,697 385,972 2,154,692 15,462,160 Interest on bonds, net 26,463 531,507 – – – Mutual funds income 456,000 13,963 – – – Interest from money market deposits – – – – – Bank interest, net 1,210 3,220 341 – 2

Total Income 1,220,335 1,219,387 386,313 2,154,692 15,462,162

ExpensesManagement fees 3 44,746 – 387,641 377,663 25,053 Administration fees 4 – – 9,881 28,552 8,351 Depositary fees 4,211 8,784 9,390 20,575 65,086 Transaction fees 7, 16 1,294 – 9,413 16,055 13,940 Central Administration, Registrar and Transfer Agent fees 5 16,897 7,694 22,589 24,296 61,817 Audit fees, printing and publication expenses 7 418 599 504 646 3,431 Subscription tax 6 7,707 4,999 5,083 8,100 31,769 Bank interest, net 77 – 12 2,421 79 Compliance fees 7 – – 1,495 – – Directors fees 7 38 170 256 325 1,660 Interest on swaps 12 – – – – – Other charges 7 2,760 302 12,083 10,028 11,483

Total expenses 78,148 22,548 458,347 488,661 222,669

Net surplus / (deficit) from Investments 1,142,187 1,196,839 (72,034) 1,666,031 15,239,493

Net realised profit / (loss) on:Sales of investments 11,527 53,395 176,410 (7,551,447) (15,597,828)Futures contracts (19,709) – – – – Forward foreign exchange contracts 19,614 – (8,474) 195 – Credit default swaps – – – – – Foreign exchange (82,408) (34,794) 11,150 (10,508) (65,303)

Net realised profit / (loss) (70,976) 18,601 179,086 (7,561,760) (15,663,131)

Change in net unrealised appreciation / (depreciation) on:Investments 4,267,236 6,053,685 (4,311,080) 6,254,197 (3,379,694)Future contracts (3,082) – – – – Forward foreign exchange contracts 1,512 – – – – Credit default swaps – – – – – Foreign exchange 554 (2,656) (323) (3,447) (12,901)

Net change in unrealised appreciation/(depreciation) 4,266,220 6,051,029 (4,311,403) 6,250,750 (3,392,595)

Net increase / (decrease) in net assets as a result of operations 5,337,431 7,266,469 (4,204,351) 355,021 (3,816,233)

Movement in capitalIssue of shares 116,977,301 115,000,000 2,542,192 14,264,128 106,700,514 Redemption of shares (566,394) – (5,331,059) (12,376,821) (16,282,636)

Dividends and distributionsDividends and distributions declared during the period (4,315) – – – –

Change in total net assets for the period 121,744,023 122,266,469 (6,993,218) 2,242,328 86,601,645

Currency translation – – – – –

Net assets at the end of the period 134,919,318 122,266,469 84,207,627 115,013,777 671,805,040

(2) New Sub-Fund launched, see Note 1.




IndiaEquity

Fund

IndonesiaEquity

Fund

JapanDynamic

Fund

JapanEquity

FundNote USD USD JPY JPY

Net assets at the beginning of the period 158,172,552 192,386,729 250,925,118,481 28,819,342,887

IncomeDividends, net 1,724,349 3,213,286 2,535,491,950 274,656,616 Interest on bonds, net – – – – Mutual funds income – – – – Interest from money market deposits – – – – Bank interest, net 1 – 4,218 –

Total Income 1,724,350 3,213,286 2,535,496,168 274,656,616

ExpensesManagement fees 3 186,473 571,003 1,066,644,406 11,442,848 Administration fees 4 48,144 137,643 – 3,814,287 Depositary fees 54,164 29,514 27,721,680 2,743,457 Transaction fees 7, 16 43,650 53,370 4,232,471 1,320,115 Central Administration, Registrar and Transfer Agent fees 5 21,372 32,544 24,057,769 1,565,294 Audit fees, printing and publication expenses 7 867 1,157 1,318,733 146,775 Subscription tax 6 11,395 21,441 25,397,640 1,399,932 Bank interest, net 4,756 1,315 78,970 87,606 Compliance fees 7 – – – – Directors fees 7 431 580 651,717 73,398 Interest on swaps 12 – – – – Other charges 7 24,618 7,143 3,005,629 921,666

Total expenses 395,870 855,710 1,153,109,015 23,515,378

Net surplus / (deficit) from Investments 1,328,480 2,357,576 1,382,387,153 251,141,238

Net realised profit / (loss) on:Sales of investments (547,705) (14,253,598) (5,333,354,081) 175,584,009 Futures contracts – – – – Forward foreign exchange contracts (578) (5,689) (4,088,734,615) (26,367,160)Credit default swaps – – – – Foreign exchange (49,793) (70,811) (465,453,114) (3,178,030)

Net realised profit / (loss) (598,076) (14,330,098) (9,887,541,810) 146,038,819

Change in net unrealised appreciation / (depreciation) on:Investments (1,445,895) 40,091,247 (56,601,741,404) (6,820,059,553)Future contracts – – – – Forward foreign exchange contracts – – (2,018,067,823) (10,296,209)Credit default swaps – – – – Foreign exchange (12,735) 9,685 1,567,779 423,933

Net change in unrealised appreciation/(depreciation) (1,458,630) 40,100,932 (58,618,241,448) (6,829,931,829)

Net increase / (decrease) in net assets as a result of operations (728,226) 28,128,410 (67,123,396,105) (6,432,751,772)

Movement in capitalIssue of shares 13,647,290 30,911,721 49,830,352,047 3,060,202,606 Redemption of shares (13,263,838) (55,676,160) (58,167,984,233) (3,661,107,179)

Dividends and distributionsDividends and distributions declared during the period – – – (420,934,608)

Change in total net assets for the period (344,774) 3,363,971 (75,461,028,291) (7,454,590,953)


Net assets at the end of the period 157,827,778 195,750,700 175,464,090,190 21,364,751,934




JapanFundamental

ValueFund

JapanSmaller

CompaniesFund

LatinAmerican

EquityFund

MalaysiaEquity

FundNote JPY JPY USD USD

Net assets at the beginning of the period 36,553,476,385 19,325,987,377 184,223,391 7,828,993

IncomeDividends, net 424,139,594 212,717,142 3,667,278 120,560 Interest on bonds, net – – – – Mutual funds income – – – – Interest from money market deposits – – – – Bank interest, net – – 1 –

Total Income 424,139,594 212,717,142 3,667,279 120,560

ExpensesManagement fees 3 1,389 51,132,058 34,817 9,525 Administration fees 4 546 3,358,397 11,606 1 Depositary fees 4,242,447 2,003,115 29,861 1,017 Transaction fees 7, 16 2,414,715 2,526,780 8,937 8,600 Central Administration, Registrar and Transfer Agent fees 5 1,933,523 1,745,995 35,559 10,027 Audit fees, printing and publication expenses 7 218,688 107,685 1,171 45 Subscription tax 6 1,750,322 1,348,459 11,852 379 Bank interest, net 25,616 6,938 4,002 – Compliance fees 7 – – – – Directors fees 7 99,533 51,653 566 22 Interest on swaps 12 – – – – Other charges 7 1,030,162 870,786 1,698 (10,575)

Total expenses 11,716,941 63,151,866 140,069 19,041

Net surplus / (deficit) from Investments 412,422,653 149,565,276 3,527,210 101,519

Net realised profit / (loss) on:Sales of investments 257,345,810 213,050,215 (18,015,480) (345,627)Futures contracts – – – – Forward foreign exchange contracts 46,593,112 6,465,912 – (2,188)Credit default swaps – – – – Foreign exchange (96,337,228) (18,031,347) (336,090) 6,906

Net realised profit / (loss) 207,601,694 201,484,780 (18,351,570) (340,909)

Change in net unrealised appreciation / (depreciation) on:Investments (9,795,119,351) (3,387,309,000) 65,377,362 766,092 Future contracts – – – – Forward foreign exchange contracts (1,825) – – – Credit default swaps – – – – Foreign exchange (802,366) 355,154 106,085 1,649

Net change in unrealised appreciation/(depreciation) (9,795,923,542) (3,386,953,846) 65,483,447 767,741

Net increase / (decrease) in net assets as a result of operations (9,175,899,195) (3,035,903,790) 50,659,087 528,351

Movement in capitalIssue of shares 13,185,903,965 2,306,253,328 27,322,570 396,499 Redemption of shares (2,124,773,590) (812,593,819) (3,734,721) (898,820)

Dividends and distributionsDividends and distributions declared during the period – (105,866,762) (5,559,105) –

Change in total net assets for the period 1,885,231,180 (1,648,111,043) 68,687,831 26,030


Net assets at the end of the period 38,438,707,565 17,677,876,334 252,911,222 7,855,023




NorthAmerican

ValueFund

PanEuropean

Fund

PhilippinesEquity

Fund

ThailandEquity


Net assets at the beginning of the period 1,691,857,314 47,694,509 65,046,349 14,180,728

IncomeDividends, net 16,052,603 871,614 548,199 313,682 Interest on bonds, net – – – – Mutual funds income – – – – Interest from money market deposits – – – – Bank interest, net – – – –

Total Income 16,052,603 871,614 548,199 313,682

ExpensesManagement fees 3 12,828 185,654 171,204 42,771 Administration fees 4 4,276 4,060 14,050 9,937 Depositary fees 105,840 6,595 (4,410) 2,180 Transaction fees 7, 16 6,543 5,219 54,360 7,700 Central Administration, Registrar and Transfer Agent fees 5 74,317 13,425 10,838 9,571 Audit fees, printing and publication expenses 7 9,462 264 376 90 Subscription tax 6 83,786 3,060 3,702 1,688 Bank interest, net 377 413 31 634 Compliance fees 7 1,495 1,495 – – Directors fees 7 4,621 133 187 45 Interest on swaps 12 – – – – Other charges 7 12,872 1,200 (1,111) (3,604)

Total expenses 316,417 221,518 249,227 71,012

Net surplus / (deficit) from Investments 15,736,186 650,096 298,972 242,670

Net realised profit / (loss) on:Sales of investments (23,999,473) (416,615) (1,245,335) (595,261)Futures contracts – – – – Forward foreign exchange contracts (13,226) (6,120) 78,221 (194)Credit default swaps – – – – Foreign exchange 2,010 (96,551) 32,105 (775)

Net realised profit / (loss) (24,010,689) (519,286) (1,135,009) (596,230)

Change in net unrealised appreciation / (depreciation) on:Investments 23,226,448 (1,311,629) 8,200,863 2,805,376 Future contracts – – – – Forward foreign exchange contracts 27,060 – – – Credit default swaps – – – – Foreign exchange (76) 38,693 (1,582) 216

Net change in unrealised appreciation/(depreciation) 23,253,432 (1,272,936) 8,199,281 2,805,592

Net increase / (decrease) in net assets as a result of operations 14,978,929 (1,142,126) 7,363,244 2,452,032


Dividends and distributionsDividends and distributions declared during the period (11,722) – – –

Change in total net assets for the period 100,799,556 (5,024,453) 3,245,035 1,687,345


Net assets at the end of the period 1,792,656,870 42,670,056 68,291,384 15,868,073




US BondFund

US CorporateBondFund

US HighInvestment

Grade BondFund

US HighYieldBondFund

US InvestmentGradeBondFund


Net assets at the beginning of the period 51,569,272 4,328,357,639 247,733,076 1,758,139,649 344,312,565

IncomeDividends, net – – – 523,263 3,995 Interest on bonds, net 823,386 76,138,387 3,615,634 58,996,982 7,628,794 Mutual funds income – – – – – Interest from money market deposits 1,761 28,854 1,606 39,720 3,157 Bank interest, net – 2 3 – –

Total Income 825,147 76,167,243 3,617,243 59,559,965 7,635,946

ExpensesManagement fees 3 152,255 1,220,849 191,935 6,073,030 1,396,574 Administration fees 4 21,746 82,321 27,826 978,453 270,541 Depositary fees 3,663 237,495 19,979 96,053 22,147 Transaction fees 7, 16 3,555 7,026 2,997 6,438 4,680 Central Administration, Registrar and Transfer Agent fees 5 20,496 256,148 45,404 101,905 62,421 Audit fees, printing and publication expenses 7 343 26,198 1,519 9,604 2,173 Subscription tax 6 6,913 282,593 17,057 224,934 63,600 Bank interest, net 652 14,618 4,986 3,586 6,481 Compliance fees 7 1,495 1,495 1,495 1,495 1,495 Directors fees 7 164 12,694 742 4,967 1,031 Interest on swaps 12 – – 6,740 – 1,472 Other charges 7 500 49,475 4,989 15,541 3,504

Total expenses 211,782 2,190,912 325,669 7,516,006 1,836,119

Net surplus / (deficit) from Investments 613,365 73,976,331 3,291,574 52,043,959 5,799,827

Net realised profit / (loss) on:Sales of investments 810,793 (1,942,675) 3,098,405 (155,219,610) (568,529)Futures contracts (5,844) (3,572,295) 128,078 – (319,031)Forward foreign exchange contracts 558,211 (6,988,780) (39,813) 5,028,670 261,186 Credit default swaps – – 13,717 – (2,890)Foreign exchange 135,432 (6,157,876) (1,159) (59,857,001) (2,475)

Net realised profit / (loss) 1,498,592 (18,661,626) 3,199,228 (210,047,941) (631,739)

Change in net unrealised appreciation / (depreciation) on:Investments 1,940,547 288,677,106 10,456,629 239,527,857 25,494,303 Future contracts – (313,626) (293,148) – (34,906)Forward foreign exchange contracts (305,485) 1,372,323 – 79,606,992 37,258 Credit default swaps – – (13,717) – 2,890 Foreign exchange (6,262) 183 – (16,102) (65)

Net change in unrealised appreciation/(depreciation) 1,628,800 289,735,986 10,149,764 319,118,747 25,499,480

Net increase / (decrease) in net assets as a result of operations 3,740,757 345,050,691 16,640,566 161,114,765 30,667,568

Movement in capitalIssue of shares 44,698,860 895,160,780 36,894,294 280,057,132 131,402,463 Redemption of shares (43,680,498) (706,352,746) (59,817,842) (490,232,841) (71,661,394)

Dividends and distributionsDividends and distributions declared during the period (495,594) (4,366,014) (64,632) (34,306,174) (1,666,448)

Change in total net assets for the period 4,263,525 529,492,711 (6,347,614) (83,367,118) 88,742,189

Currency translation – – – – –

Net assets at the end of the period 55,832,797 4,857,850,350 241,385,462 1,674,772,531 433,054,754




US StrategicIncome

BondFund

US TotalReturn

BondFund

VietnamEquity

Fund

WorldValue

EquityFund Combined(3)


Net assets at the beginning of the period 47,734,423 49,432,230 2,582,502 330,200,473 25,397,803,722

IncomeDividends, net – 832 57,814 4,108,615 193,955,358 Interest on bonds, net 1,079,940 839,782 – – 292,183,703 Mutual funds income 9,146 – – – 676,266 Interest from money market deposits – – – – 75,098 Bank interest, net 5 2 – 25,718 534,694

Total Income 1,089,091 840,616 57,814 4,134,333 487,425,119

ExpensesManagement fees 3 – – 12,662 1,273,429 29,034,864 Administration fees 4 – – – 96,573 3,031,664 Depositary fees 3,791 5,503 9,269 22,763 2,965,998 Transaction fees 7, 16 5,040 4,719 13,380 38,949 854,063 Central Administration, Registrar and Transfer Agent fees 5 3,094 3,283 13,361 53,523 2,335,267 Audit fees, printing and publication expenses 7 285 296 15 1,856 149,768 Subscription tax 6 2,430 2,523 125 23,097 1,890,378 Bank interest, net 2,176 – 1 7,417 215,715 Compliance fees 7 1,495 1,495 – 1,495 17,949 Directors fees 7 139 144 7 933 72,729 Interest on swaps 12 – – – – 58,767 Other charges 7 853 988 (31,098) 12,781 675,990

Total expenses 19,303 18,951 17,722 1,532,816 41,303,152

Net surplus / (deficit) from Investments 1,069,788 821,665 40,092 2,601,517 446,121,967

Net realised profit / (loss) on:Sales of investments (628,752) 47,039 26,845 (2,939,032) (1,317,148,125)Futures contracts (420,383) (188,700) – (454,208) (2,850,019)Forward foreign exchange contracts – – – (599,552) (38,454,476)Credit default swaps – – – – 68,821 Foreign exchange (1,343) 708 78 202,092 (73,004,959)

Net realised profit / (loss) (1,050,478) (140,953) 26,923 (3,790,700) (1,431,388,758)

Change in net unrealised appreciation / (depreciation) on:Investments 3,239,722 2,536,825 258,112 (8,060,800) 1,347,349,656Future contracts (260,055) (119,361) – (245,105) (2,716,951)Forward foreign exchange contracts – – – 837,587 75,008,294 Credit default swaps – – – – (68,821)Foreign exchange 19,157 (24) – 30,790 163,600

Net change in unrealised appreciation/(depreciation) 2,998,824 2,417,440 258,112 (7,437,528) 1,419,735,778

Net increase / (decrease) in net assets as a result of operations 3,018,134 3,098,152 325,127 (8,626,711) 434,468,987

Movement in capitalIssue of shares – – 26,632 15,644,755 8,088,287,429 Redemption of shares – – (285,682) (26,065,860) (6,737,534,810)

Dividends and distributionsDividends and distributions declared during the period – – – (432,928) (194,893,298)

Change in total net assets for the period 3,018,134 3,098,152 66,077 (19,480,744) 1,590,328,308

Currency translation – – – – 192,592,267

Net assets at the end of the period 50,752,557 52,530,382 2,648,579 310,719,729 27,180,724,297

(3) See Note 2(f).

27


Statement of Changes in Shares OutstandingFor the Period Ended June 30, 2016 (continued)

Share outstanding at the begining

of the periodShare

issuedShares

redeemed

Shares outstanding at the end

of the period

Asia Pacific Equity FundClass A 40,082.553 5,600.248 (1,170.109) 44,512.692Class D 74,855,568.595 24,007,515.127 (2,842,494.349) 96,020,589.373Class EDY 38,297,994.535 2,921,467.781 (41,219,462.316) –

Asian Bond FundClass A 6,469,212.602 6,353,376.971 (4,892,109.771) 7,930,479.802Class AADM (hedged) 1,819,835.996 1,861,108.781 (588,769.779) 3,092,174.998Class ACDM (hedged) 119.282 2.849 – 122.131Class ADM 8,947,821.851 4,119,208.196 (4,652,397.589) 8,414,632.458Class ADQ 1,528,938.854 178,484.606 (542,342.859) 1,165,080.601Class AE (hedged) 100.000 – – 100.000Class AEDM (hedged) 117.589 2.809 – 120.398Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 117.590 2.811 – 120.401Class AGDM (hedged) 117.219 18,356.233 – 18,473.452Class AH 1,000.000 – – 1,000.000Class AH (hedged) 1,000.000 – – 1,000.000Class AHDM 1,172.179 27.956 – 1,200.135Class ANDM (hedged) 24,651.110 144,281.459 (1,514.823) 167,417.746Class ARDMC1 (hedged) 330.505 12.663 – 343.168Class AS 423,833.656 613,259.612 (530,005.405) 507,087.863Class AS (hedged) 50.000 931.300 (2.000) 979.300Class ASDM 51.046 205.156 (7.620) 248.582Class ASDM (Hedged) 50.829 53,385.490 – 53,436.319Class AZ (hedged) 564,620.140 796,496.488 (608,054.649) 753,061.979Class AZDM (hedged) 31,289,272.819 9,570,038.326 (7,607,489.136) 33,251,822.009Class B 792,964.906 – (598,279.885) 194,685.021Class BDM 50.829 1.212 – 52.041Class C 12,859,883.394 8,855,444.081 (8,791,397.225) 12,923,930.250Class D 74,062,259.030 5,445,860.668 (5,081,898.667) 74,426,221.031Class DH (hedged) 5,993,814.608 2,081,337.759 – 8,075,152.367Class E* – 1,031,717.504 (1.000) 1,031,716.504Class EDY 70,237,582.432 16,066,491.955 (1,465,945.718) 84,838,128.669Class R 100.000 – – 100.000Class RDM 114.835 2.739 – 117.574Class RE (hedged) 100.000 – – 100.000Class REDM (hedged) 51.060 1.220 – 52.280Class RG (hedged) 50.000 – – 50.000Class RGDM (hedged) 51.059 1.218 – 52.277

Asian Dynamic FundClass A 222,331.839 32,046.380 (9.215) 254,369.004Class B 100.000 – – 100.000Class C 318,177.431 – – 318,177.431Class D 7,694,872.808 – – 7,694,872.808Class R 100.000 – – 100.000

Statement of Changes in Shares Outstanding

* New share class launched, see Appendix 1.

28




of the periodShare

issuedShares

redeemed


of the period

Asian Equity FundClass A 312,754.195 285,179.013 (318,641.444) 279,291.764Class AADMC1 (hedged) 736.402 22.506 – 758.908Class ADMC1 52.749 856.375 – 909.124Class ANDMC1 (hedged) 54.311 1.840 – 56.151Class AS 48,615.313 1,649.737 (28,398.303) 21,866.747Class AZDMC1 (hedged) 137,399.289 688.353 (60,944.936) 77,142.706Class B 100.000 – – 100.000Class C 2,298,583.313 60,165.862 (107,054.754) 2,251,694.421Class D 15,716,884.168 1,276,313.696 (11,075,633.299) 5,917,564.565Class E 249,240.168 – – 249,240.168Class J 47,255.309 – – 47,255.309

Asian Equity Income FundClass A 1,708,807.585 331,314.081 (722,994.315) 1,317,127.351Class AADM (hedged) 457,813.381 2,973.654 (44,143.741) 416,643.294Class AADMC1 (hedged) 1,935,515.219 112,918.026 (291,996.873) 1,756,436.372Class ADM 113,433.073 245.129 (12,939.553) 100,738.649Class ADMC1 7,434,356.624 234,232.287 (2,819,858.269) 4,848,730.642Class ANDMC1 (hedged) 286,698.624 2,226.487 (12,125.290) 276,799.821Class ARDMC1 (hedged) 325.408 10.410 – 335.818Class AS 24,567.209 2,114.037 (192.175) 26,489.071Class AS (hedged) 341,858.808 60,322.876 (121,914.328) 280,267.356Class ASDM 2,945,677.083 11,934.194 (297,059.504) 2,660,551.773Class AZDMC1 (hedged) 28,049,647.095 2,436,639.316 (5,653,010.460) 24,833,275.951Class B 100.000 – – 100.000Class C 222,303.996 18,504.374 (66,630.421) 174,177.949Class D 10,877,920.145 28,742,586.057 – 39,620,506.202Class DDH 4,686,929.304 1,149,278.037 (711,236.065) 5,124,971.276Class R 100.000 – – 100.000Class RDQ 113.601 2.791 (116.392) –

Asian High Yield Bond FundClass A 68,190.623 112,646.625 (60,841.675) 119,995.573Class AADM (hedged) 1,104,928.716 239,463.408 (200,273.873) 1,144,118.251Class AADMC1 (hedged) 55.581 2.356 – 57.937Class ADM 2,408,035.029 535,783.546 (1,589,333.630) 1,354,484.945Class ADMC1 54.866 2.151 – 57.017Class AE (hedged) 100.000 – – 100.000Class AEDM (hedged) 124.501 4.243 (128.744) –Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 124.525 4.248 – 128.773Class ANDM (hedged) 362,994.663 272,058.455 (58,649.975) 576,403.143Class ANDMC1 (hedged) 55.790 2.473 – 58.263Class ARDMC1 (hedged) 333.554 705,359.787 – 705,693.341Class ASDM 871,719.887 734,376.821 (260,677.886) 1,345,418.822Class ASDM (hedged) 5,333,345.853 294,723.369 (1,265,441.170) 4,362,628.052Class AZDMC1 (hedged) 569.640 32.161 – 601.801Class B 100.000 – – 100.000Class C 609,531.000 25,605.000 (90,711.000) 544,425.000Class D 4,705,034.262 678,771.486 – 5,383,805.748Class R 100.000 – – 100.000Class RDM 120.788 4.108 (124.896) –Class RE (hedged) 100.000 – – 100.000

Asian Infrastructure Equity FundClass A 1,865,611.986 342,117.666 (281,786.899) 1,925,942.753Class C 1,053,036.132 50,184.615 (22,439.919) 1,080,780.828Class J 1,653.402 3,169.046 (3,266.090) 1,556.358

29




of the periodShare

issuedShares

redeemed


of the period

Asian Local Bond FundClass A 1,443,176.228 433,106.518 (479,879.734) 1,396,403.012Class AADM (hedged) 101,155.637 225,850.173 (49,091.259) 277,914.551Class ADM 308,443.969 1,080,060.859 (944,920.246) 443,584.582Class AE (hedged) 100.000 – – 100.000Class AEDM (hedged) 113.868 2.139 (116.007) –Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 113.875 2.140 – 116.015Class AH 1,000.000 – – 1,000.000Class ANDM (hedged) 114.185 185.727 (117.478) 182.434Class ARDMC1 (hedged) 325.316 10.767 – 336.083Class AS 16,788.994 – (76.639) 16,712.355Class ASDM 569.521 10.751 – 580.272Class AZDM (hedged) 6,549,113.505 329,962.330 (5,393,432.850) 1,485,642.985Class B 631,633.356 68,733.878 (77,636.766) 622,730.468Class C 100.000 8,925,950.469 (1,634,368.408) 7,291,682.061Class D 3,078,756.605 46,109.572 (1,531,461.596) 1,593,404.581Class E* – 2,167,437.999 (1.000) 2,167,436.999Class EDY 204,182,708.548 10,128,598.084 (18,515,083.266) 195,796,223.366Class F 100.000 – – 100.000Class R 100.000 – – 100.000Class RDM 111.608 2.092 (113.700) –Class RE (hedged) 100.000 – – 100.000

Asian Property Securities FundClass A 857.640 264.601 (241.045) 881.196Class AS 1,013.648 – – 1,013.648Class ASDQ 37,991.380 2,384.756 (4,177.118) 36,199.018Class D 566,323.158 1,137.102 (41,421.077) 526,039.183

China Equity FundClass A 11,819,066.302 5,556,328.169 (5,779,437.984) 11,595,956.487Class AADMC1 (hedged) 93,652.023 111,829.435 (38,641.904) 166,839.554Class ADM 52.185 0.961 – 53.146Class ADMC1 40,085.125 15,522.630 (10,777.280) 44,830.475Class AE 156,588.968 3,093.000 (13,672.090) 146,009.878Class AH 242,923.782 – – 242,923.782Class AHDM 1,013.109 18.621 – 1,031.730Class ANDMC1 (hedged) 19,036.544 11,029.299 (4,524.946) 25,540.897Class AR (hedged) 300.000 – – 300.000Class AS 654,911.476 109,468.985 (47,516.421) 716,864.040Class AZDMC1 (hedged) 7,182,765.404 3,206,687.239 (2,522,009.075) 7,867,443.568Class B 100.000 – – 100.000Class C 473,554.111 106,044.539 (131,899.351) 447,699.299Class CE 100.000 – – 100.000Class D 3,071,452.185 639,102.407 (28,632.370) 3,681,922.222Class J 956,802.864 103,689.057 (28,740.351) 1,031,751.570Class R 100.000 – – 100.000

Developed and Emerging Asia Equity Fund (1)

Class D 302,650,493.708 – (302,650,493.708) –Class E* – 224,348,483.321 (1.000) 224,348,482.321Class EDY* – 29,132,723.058 (1.000) 29,132,722.058

Dragon Peacock FundClass A 5,273,639.858 123,878.265 (559,749.738) 4,837,768.385Class AH 25,853.365 – – 25,853.365Class D 633,377.049 27,965.178 (554.720) 660,787.507

* New share class launched, see Appendix 1.(1) Sub-Fund name changed, see Note 1.

30




of the periodShare

issuedShares

redeemed


of the period

Emerging Asia Equity FundClass D 10,107,600.000 – (10,107,600.000) –Class E* – 8,318,555.800 (1.000) 8,318,554.800

Emerging Europe, Middle East and Africa Dynamic FundClass A 100.000 – – 100.000Class D 57,336,667.121 7,654,626.966 (22,687,770.500) 42,303,523.587Class E* – 6,232,365.258 (1.000) 6,232,364.258

European Investment Grade Bond FundClass AE 14,042.615 4,605.678 (2,445.764) 16,202.529Class AEDM 60,810.079 26,056.859 (32,513.880) 54,353.058Class DE 12,713,930.937 18,554,036.888 (134,071.257) 31,133,896.568

Global Bond Navigator FundClass A 1,159,345.676 104,087.836 (153,981.422) 1,109,452.090Class D 27,000.000 – (26,940.000) 60.000

Global Emerging Markets Bond FundClass A 485,178.980 4,465,279.375 (2,817,527.765) 2,132,930.590Class AADM (hedged) 508,476.582 55,757.158 (256,333.923) 307,899.817Class AADMC1 (hedged) 592,480.842 36,297.963 (61,131.556) 567,647.249Class ADM 21,519.525 10,481.866 (3,254.165) 28,747.226Class ADMC1 1,452,819.449 1,292,196.588 (663,868.845) 2,081,147.192Class ANDMC1 (hedged) 145,808.973 28,565.809 (62,255.029) 112,119.753Class ARDMC1 (hedged) 327.183 11.070 – 338.253Class AZ (hedged) 224,051.583 425,766.282 (101,373.280) 548,444.585Class AZDM (hedged) 15,029,673.970 407,901.514 (1,538,651.223) 13,898,924.261Class AZDMC1 (hedged) 8,889,417.326 669,794.464 (1,672,351.952) 7,886,859.838Class D 59,429,993.726 6,825,372.258 (1,700,594.502) 64,554,771.482

Global Emerging Markets Dynamic FundClass A 50.000 – – 50.000Class AS 50.000 112.420 (112.420) 50.000Class D 58,253,524.931 3,618,528.818 (60,415,138.993) 1,456,914.756Class E* – 50,618,151.745 (1.000) 50,618,150.745

Global Equity Navigator FundClass A 540.693 – – 540.693Class D 6,440,796.145 – – 6,440,796.145

Global Low Volatility Equity FundClass AS* – 51.000 (1.000) 50.000Class D 10,000,000.000 547,723.376 – 10,547,723.376

Global Market Navigator FundClass A 507,270.263 9,890.796 (8,312.016) 508,849.043Class AADMC1 (hedged) 3,468.025 4.683 (1,284.125) 2,188.583Class ADMC1 283.848 49.166 (153.555) 179.459Class ANDMC1 (hedged) 122.061 4.538 – 126.599Class ASDMC1 (hedged) 1,078.750 549.153 (549.259) 1,078.644Class C 58,155.824 – – 58,155.824Class D 497,060.852 9,309,579.945 (5,875.532) 9,800,765.265Class DJDQ 36,787.081 325.073 (37,112.154) –

Global Multi Asset Income Plus Growth Fund (2)

Class D* – 11,500,000.000 – 11,500,000.000

Global Technology FundClass A 241,336.881 44,936.452 (84,636.973) 201,636.360Class CS 11,461,190.534 246,525.414 (536,970.563) 11,170,745.385

* New share class launched, see Appendix 1.(2) New Sub-Fund launched, see Note 1

31




of the periodShare

issuedShares

redeemed


of the period

Greater China Equity FundClass A 628,926.280 356,092.044 (362,179.784) 622,838.540Class AH 27,055.237 – – 27,055.237Class C 2,907,395.987 199,066.457 (202,945.731) 2,903,516.713Class D 1,877,677.865 306,565.796 (66,470.009) 2,117,773.652

Hong Kong Equity FundClass A 187,650.676 31,136.466 (29,453.053) 189,334.089Class AH 1,072,236.333 – – 1,072,236.333Class D 30,019,427.106 5,696,906.062 (870,190.453) 34,846,142.715

India Equity FundClass A 1,895,962.029 443,748.059 (451,437.394) 1,888,272.694Class AS 38,813.193 5,997.113 (32,968.334) 11,841.972Class B 540,209.534 168,990.283 – 709,199.817Class C 100.000 – – 100.000Class D 4,849,154.505 267,254.709 (325,449.119) 4,790,960.095Class J 818,717.366 71,978.259 (58,722.060) 831,973.565Class R 100.000 – – 100.000

Indonesia Equity FundClass A 3,494,835.509 2,078,472.647 (2,064,280.331) 3,509,027.825Class AS 26,562.700 67,504.270 (10,660.317) 83,406.653Class B 100.000 – – 100.000Class C 100.000 – – 100.000Class D 255,202.734 20,160.554 (41,500.000) 233,863.288Class J 9,235,850.153 27,266.666 (1,523,285.150) 7,739,831.669

Japan Dynamic FundClass A 925,800.802 979,027.022 (1,268,323.666) 636,504.158Class A (hedged) 19,817,876.714 3,104,697.916 (3,248,949.171) 19,673,625.459Class AA (hedged) 58,334.357 41,632.947 (24,748.257) 75,219.047Class AE 50.000 451,446.078 – 451,496.078Class AE (hedged) 606,990.316 1,207,380.363 (1,626,062.889) 188,307.790Class AF 50.000 – – 50.000Class AF (hedged) 50.000 – – 50.000Class AG (hedged) 50.000 827.868 – 877.868Class AJ 16,420,723.651 1,001,797.990 (6,709,753.857) 10,712,767.784Class AN (hedged) 614.440 20,586.010 (3,989.892) 17,210.558Class AS 544,345.923 194,885.006 (347,645.449) 391,585.480Class AS (hedged) 9,637,486.576 907,461.624 (2,654,428.969) 7,890,519.231Class AZ (hedged) 1,688,142.913 2,143,263.703 (1,946,392.589) 1,885,014.027Class B 51,927,243.814 5,225,614.901 (19,745,757.380) 37,407,101.335Class C 8,413,092.738 2,393,898.609 (1,808,252.154) 8,998,739.193Class C (hedged) 4,182,498.297 817,090.711 (823,379.819) 4,176,209.189Class CDY 50.000 – – 50.000Class CE 2,540,285.757 – (1,244,240.182) 1,296,045.575Class CE (hedged) 238,934.000 37,529.000 (276,413.000) 50.000Class CG 1,659,994.301 5,421,870.192 (2,382.912) 7,079,481.581Class CJ 18,989,774.814 5,883,018.704 (3,441,806.703) 21,430,986.815Class D 17,212,842.093 – (46,685.714) 17,166,156.379Class R 424,024.811 84,751.466 (46,555.056) 462,221.221Class R (hedged) 351,718.765 34,734.889 (5,577.342) 380,876.312Class RE 360,101.913 68,847.311 (8,080.800) 420,868.424Class RE (hedged) 11,872.194 31,392.398 – 43,264.592Class RG 6,215,027.770 7,748,558.420 (1,004,863.299) 12,958,722.891Class RG (hedged) 596,833.814 822,340.318 (619,036.447) 800,137.685Class RJ 50.000 – – 50.000

32




of the periodShare

issuedShares

redeemed


of the period

Japan Equity FundClass A 1,385,447.731 361,581.248 (1,242,508.900) 504,520.079Class AADMC1 (hedged) 51.605 1.211 – 52.816Class ADMC1 (hedged) 10,308.170 1,435,449.731 (697,975.232) 747,782.669Class AJ 130,788.227 26,198.644 (2,252.627) 154,734.244Class ANDMC1 (hedged) 51.829 1.390 – 53.219Class AZDMC1 (hedged) 209,612.005 40,152.173 (12,706.711) 237,057.467Class DJ 2,871,076.256 580,599.739 (638,487.530) 2,813,188.465Class EDY 19,289,474.548 790,465.795 (913,895.618) 19,166,044.725

Japan Fundamental Value FundClass AE 50.000 – – 50.000Class AF 50.000 – – 50.000Class AF (hedged) 50.000 – – 50.000Class D 24,198,787.630 10,201,601.695 (1,621,599.022) 32,778,790.303Class RG 50.000 – – 50.000

Japan Smaller Companies FundClass A 10,162.201 – (9,385.000) 777.201Class BJ 50.000 – – 50.000Class CG 2,147,896.876 – – 2,147,896.876Class CJ 2,729,579.695 710,168.758 (19,656.489) 3,420,091.964Class D* – 387,703.063 (1.000) 387,702.063Class EDY 2,647,672.609 84,834.474 (280,187.109) 2,452,319.974Class RG 1,356,132.592 130,123.724 (70,457.865) 1,415,798.451Class RJ 50.000 – – 50.000

Latin American Equity FundClass A 1,220,035.570 1,040,002.454 (1,039,349.124) 1,220,688.900Class D 9,135,461.886 3,684,208.276 (6,157.113) 12,813,513.049Class EDY 48,873,932.848 2,125,040.841 – 50,998,973.689

Malaysia Equity FundClass A 33.846 – – 33.846Class J 674,081.515 31,667.382 (74,862.809) 630,886.088

North American Value FundClass A 45,351.203 212,521.208 (21,400.451) 236,471.960Class AADMC1 (hedged) 18,766.964 418.818 (11,857.329) 7,328.453Class ADMC1 12,101.719 27.969 (1,067.527) 11,062.161Class ANDMC1 (hedged) 33,188.695 1.354 – 33,190.049Class AS 18,407.889 84.289 (7,537.930) 10,954.248Class AZDMC1 (hedged) 213,880.560 25,077.436 (108,606.786) 130,351.210Class D 134,761,795.110 18,710,509.925 (13,086,349.392) 140,385,955.643

Pan European FundClass A 537,640.341 105,623.650 (292,896.629) 350,367.362Class CS 4,054,736.833 160,447.434 (309,854.779) 3,905,329.488

Philippines Equity FundClass A 516,684.068 414,291.421 (493,051.446) 437,924.043Class AS 71,451.490 121,478.759 (40,582.410) 152,347.839Class B 1,011,586.951 – – 1,011,586.951Class C 50.000 – – 50.000Class J 1,393,383.070 174,295.433 (169,883.080) 1,397,795.423Class JJ 179,666.517 59,036.439 (93,625.214) 145,077.742


33




of the periodShare

issuedShares

redeemed


of the period

Thailand Equity FundClass A 213,655.647 210,521.245 (192,598.946) 231,577.946Class J 672,435.265 14,553.998 (73,015.898) 613,973.365

US Bond FundClass A 302,941.595 149,970.328 (242,825.972) 210,085.951Class AADM (hedged) 320,713.936 2,105,028.586 (1,550,237.233) 875,505.289Class ADM 65,180.806 2,172,376.803 (1,133,184.442) 1,104,373.167Class C 1,152,859.387 379,568.124 (113,230.786) 1,419,196.725Class D 844,567.839 51,017.534 (110,528.452) 785,056.921Class DDQ 1,135,717.517 15,783.714 (1,151,501.231) –Class EDY 201,009.315 58,108.115 (91,380.167) 167,737.263

US Corporate Bond FundClass A 290,438.484 402,897.063 (65,436.392) 627,899.155Class AADM (hedged) 289,410.590 591,666.230 (243,927.056) 637,149.764Class AADMC1 (hedged) 131,000.285 64,558.871 (55,938.165) 139,620.991Class ADM 2,327,860.556 4,237,476.806 (1,566,860.703) 4,998,476.659Class ADMC1 118,435.826 7,244.658 (3,148.617) 122,531.867Class AE (hedged) 70,143.701 – – 70,143.701Class AEDM (hedged) 111.150 1.667 – 112.817Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 111.154 1.669 – 112.823Class ANDM (hedged) 943.781 23.652 – 967.433Class ANDMC1 (hedged) 704.180 19.440 – 723.620Class ARDMC1 (hedged) 320.437 8.565 – 329.002Class ASDM (hedged) 1,690.122 10,912.345 (650.257) 11,952.210Class AZDM (hedged) 1,019,106.985 362,170.241 (217,574.940) 1,163,702.286Class AZDMC1 (hedged) 7,795,431.189 2,376,152.173 (2,183,411.161) 7,988,172.201Class B 72,802.000 – (4,670.000) 68,132.000Class C 4,252,185.000 1,271,102.000 (501,979.000) 5,021,308.000Class CDY 46.706 39,981,900.314 (152.267) 39,981,794.753Class CE 50.000 – – 50.000Class CE (hedged) 98,244.000 278,733.000 (42,732.000) 334,245.000Class CG 50.000 – – 50.000Class CG (hedged) 156,919.000 213,348.000 (20,771.000) 349,496.000Class D 237,547,198.665 24,901,907.350 (28,798,849.429) 233,650,256.586Class DDQ 7,879,388.497 134,976.313 (8,014,364.810) –Class E* – 19,954,752.912 (2,006,790.138) 17,947,962.774Class G 1,574,375.487 110,655.000 (1,107,623.436) 577,407.051Class GDM 109.260 1.635 – 110.895Class GEDM (hedged) 53,109.265 1.637 – 53,110.902Class GFDM (hedged) 84,109.263 18,101.639 – 102,210.902Class R 6,363,545.931 2,556,195.494 (215,507.812) 8,704,233.613Class RDM 1,223,101.262 129,769.633 (1,058,994.000) 293,876.895Class RE (hedged) 415,083.660 61,334.000 (60,600.000) 415,817.660Class REDM (hedged) 143,556.265 0.768 (143,505.000) 52.033Class RGDM (hedged) 9,716,597.007 824,587.773 (3,394,048.000) 7,147,136.780

US High Investment Grade Bond FundClass A 362,814.930 835,433.722 (518,770.834) 679,477.818Class ADM 359,016.747 740,274.637 (786,868.925) 312,422.459Class ADQ 103.799 1.279 – 105.078Class AS 1,271,630.800 343,032.379 (1,516,432.625) 98,230.554Class C 1,132,810.593 62,371.067 (53,291.253) 1,141,890.407Class D 12,856,491.907 764,483.941 (1,692,737.501) 11,928,238.347


34




of the periodShare

issuedShares

redeemed


of the period

US High Yield Bond FundClass A 3,733,282.883 10,105,429.015 (9,562,193.261) 4,276,518.637Class AADM (hedged) 20,744,180.798 772,374.438 (2,321,475.025) 19,195,080.211Class AADMC1 (hedged) 5,818,335.518 582,235.516 (553,993.308) 5,846,577.726Class ADM 11,045,771.899 6,963,799.746 (2,874,795.165) 15,134,776.480Class ADMC1 5,102,356.377 439,233.114 (851,558.726) 4,690,030.765Class AEDM (hedged) 120.810 3.750 (124.560) –Class AFDM (hedged) 120.825 3.755 – 124.580Class ANDM (hedged) 247,191.198 1,432.552 (16,272.456) 232,351.294Class ANDMC1 (hedged) 764,041.813 64,907.621 (126,681.341) 702,268.093Class ARDMC1 (hedged) 333.133 14.464 – 347.597Class AS 100.000 – – 100.000Class AZDM (hedged) 625,963,255.624 19,826,347.662 (69,996,932.311) 575,792,670.975Class AZDMC1 (hedged) 150,660,963.669 16,370,122.319 (19,936,532.736) 147,094,553.252Class B 100.000 – – 100.000Class C 26,892,748.244 444,051.056 (11,465,177.330) 15,871,621.970Class D 28,759,898.785 1,977,354.119 (1,589,068.678) 29,148,184.226Class E* – 2,342.071 (145.959) 2,196.112Class R 100.000 – – 100.000Class RDM 120.794 3.744 (124.538) –Class RE (hedged) 100.000 – (100.000) –

US Investment Grade Bond FundClass A 6,633,135.317 3,479,732.796 (1,068,467.830) 9,044,400.283Class AADM (hedged) 430,758.130 677,684.901 (294,571.965) 813,871.066Class ACDM (hedged) 114.502 2.004 – 116.506Class ADM 6,848,903.634 2,868,939.422 (2,017,912.650) 7,699,930.406Class ADQ 57,924.538 36.405 (600.000) 57,360.943Class AE (hedged) 6,012.316 – (5,912.316) 100.000Class AEDM (hedged) 113.162 1.983 (115.145) –Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 113.170 1.984 – 115.154Class AGDM (hedged) 112.848 1.974 – 114.822Class AHDM 1,128.486 19.724 – 1,148.210Class ANDM (hedged) 121.385 3.349 – 124.734Class AS 24,280.301 3,197.840 (4,746.436) 22,731.705Class AZDM (hedged) 24,353.997 1,474,573.952 (65,420.591) 1,433,507.358Class B 100.000 – – 100.000Class C 1,269,979.489 1,866,290.608 (136,368.561) 2,999,901.536Class D 7,443,662.173 552,323.053 (1,287,458.905) 6,708,526.321Class JJDM (hedged)* – 1,980.000 – 1,980.000Class R 100.000 – – 100.000Class RDM 110.863 1.936 (112.799) –Class RE (hedged) 100.000 – – 100.000

US Strategic Income Bond FundClass D 5,000,000.000 – – 5,000,000.000

US Total Return Bond FundClass D 5,000,000.000 – – 5,000,000.000


35




of the periodShare

issuedShares

redeemed


of the period

Vietnam Equity FundClass J 344,981.098 3,502.374 (37,539.250) 310,944.222

World Value Equity FundClass A 1,264,009.087 171,021.602 (257,670.844) 1,177,359.845Class AADM (hedged) 107.078 1.858 – 108.936Class AADMC1 (hedged) 565,039.748 30,965.577 (122,243.056) 473,762.269Class ADM 103.573 1.059 – 104.632Class ADMC1 1,590,041.777 167,464.273 (660,223.503) 1,097,282.547Class ANDMC1 (hedged) 147,868.332 4,653.408 (15,835.279) 136,686.461Class AS (hedged) 153.234 – – 153.234Class ASDM (hedged) 51.451 0.528 – 51.979Class AZ (hedged) 231,654.699 42,887.162 (100,991.686) 173,550.175Class AZDMC1 (hedged) 7,474,447.874 619,448.260 (2,163,377.573) 5,930,518.561Class C 14,419,484.728 600,787.582 (594,049.887) 14,426,222.423Class D 643,661.063 – (162,177.177) 481,483.886



Statistics (continued)

30 June 2016 31 December 2015 31 December 2014

Asia Pacific Equity FundTotal net assets USD 1,068,604,925 USD 1,119,958,884 USD 1,063,469,683Net asset value per:Class A USD 7.712 USD 7.802 USD 9.566Class D USD 11.125 USD 11.142 USD 13.386Class EDY – USD 7.457 USD 9.245

Asian Bond FundTotal net assets USD 3,077,896,527 USD 2,727,928,502 USD 2,278,277,934Net asset value per:Class A USD 18.516 USD 17.490 USD 17.325Class AADM (hedged) AUD 9.811 AUD 9.508 AUD 9.910Class ACDM (hedged) CAD 9.628 CAD 9.341 CAD 9.722Class ADM USD 11.208 USD 10.840 USD 11.315Class ADQ USD 12.515 USD 12.101 USD 12.630Class AE (hedged) EUR 11.502 EUR 10.928 EUR 10.860Class AEDM (hedged) EUR 9.551 EUR 9.292 EUR 9.732Class AF (hedged) CHF 11.237 CHF 10.702 CHF 10.771Class AFDM (hedged) CHF 9.329 CHF 9.099 CHF 9.651Class AGDM (hedged) GBP 9.638 GBP 9.316 GBP 9.705Class AH HKD 12.429 HKD 11.729 HKD 11.623Class AH (hedged) HKD 10.560 HKD 9.986 –Class AHDM HKD 9.589 HKD 9.267 HKD 9.678Class ANDM (hedged) NZD 9.717 NZD 9.421 NZD 9.746Class ARDMC1 (hedged) CNH 10.002 CNH 9.629 CNH 10.022Class AS SGD 13.658 SGD 13.554 SGD 12.549Class AS (hedged) SGD 10.636 SGD 10.023 –Class ASDM SGD 10.151 SGD 10.308 –Class ASDM (hedged) SGD 10.194 SGD 9.839 –Class AZ (hedged) ZAR 12.485 ZAR 11.430 ZAR 10.642Class AZDM (hedged) ZAR 9.958 ZAR 9.551 ZAR 9.800Class B USD 11.565 USD 10.875 USD 10.675Class BDM USD 10.212 USD 9.838 –Class C USD 12.137 USD 11.405 USD 11.180Class D USD 21.848 USD 20.480 USD 19.977Class DDQ – – USD 10.111Class DH (hedged) HKD 10.644 HKD 9.988 –Class E* USD 10.091 – –Class EDY USD 11.349 USD 11.147 USD 11.433Class R USD 11.396 USD 10.728 USD 10.555Class RDM USD 9.692 USD 9.341 USD 9.684Class RE (hedged) EUR 11.245 EUR 10.653 EUR 10.520Class REDM (hedged) EUR 10.085 EUR 9.782 –Class RG (hedged) GBP 10.660 GBP 10.031 –Class RGDM (hedged) GBP 10.195 GBP 9.823 –

Statistics






Asian Dynamic FundTotal net assets USD 133,471,012 USD 131,813,097 USD 160,004,576Net asset value per:Class A USD 7.235 USD 7.247 USD 9.246Class B USD 8.222 USD 8.178 USD 10.293Class C USD 9.063 USD 9.008 USD 11.325Class D USD 16.731 USD 16.548 USD 20.583Class R USD 8.125 USD 8.097 USD 10.219

Asian Equity FundTotal net assets USD 284,019,233 USD 619,208,749 USD 783,734,049Net asset value per:Class A USD 14.081 USD 14.014 USD 16.944Class AADMC1 (hedged) AUD 7.004 AUD 7.183 AUD 9.169Class ADMC1 USD 7.127 USD 7.254 USD 9.183Class ANDMC1 (hedged) NZD 7.031 NZD 7.194 NZD 9.212Class AS SGD 11.349 SGD 11.869 SGD 13.413Class AZDMC1 (hedged) ZAR 7.076 ZAR 7.278 ZAR 9.155Class B USD 9.241 USD 9.141 USD 10.922Class C USD 31.324 USD 30.975 USD 36.971Class D USD 34.901 USD 34.383 USD 40.732Class E USD 9.043 USD 8.923 USD 10.605Class J USD 11.396 USD 11.245 USD 13.368

Asian Equity Income FundTotal net assets USD 652,105,443 USD 329,522,174 USD 553,732,607Net asset value per:Class A USD 10.878 USD 10.711 USD 12.299Class AADM (hedged) AUD 8.947 AUD 9.064 AUD 10.902Class AADMC1 (hedged) AUD 8.316 AUD 8.468 AUD 10.288Class ADM USD 8.139 USD 8.208 USD 9.915Class ADMC1 USD 8.359 USD 8.472 USD 10.330Class ANDMC1 (hedged) NZD 8.343 NZD 8.469 NZD 10.342Class ARDMC1 (hedged) CNH 8.344 CNH 8.370 CNH 9.986Class AS SGD 10.692 SGD 11.063 SGD 11.872Class AS (hedged) SGD 9.171 SGD 9.048 SGD 10.378Class ASDM SGD 8.613 SGD 9.127 SGD 10.304Class AZDMC1 (hedged) ZAR 8.384 ZAR 8.593 ZAR 10.374Class B USD 9.698 USD 9.516 USD 10.850Class C USD 10.953 USD 10.743 USD 12.239Class D USD 12.029 USD 11.754 USD 13.291Class DDH USD 13.540 USD 13.537 USD 16.174Class R USD 9.735 USD 9.547 USD 10.876Class RDQ – USD 8.398 USD 10.086





Asian High Yield Bond FundTotal net assets USD 157,528,789 USD 146,379,805 USD 154,915,259Net asset value per:Class A USD 12.428 USD 11.485 USD 11.229Class AADM (hedged) AUD 10.084 AUD 9.621 AUD 9.995Class AADMC1 (hedged) AUD 9.695 AUD 9.296 AUD 9.754Class ADM USD 9.796 USD 9.361 USD 9.818Class ADMC1 USD 9.569 USD 9.187 USD 9.725Class AE (hedged) EUR 12.221 EUR 11.355 EUR 11.143Class AEDM (hedged) – EUR 9.123 EUR 9.602Class AF (hedged) CHF 11.880 CHF 11.067 CHF 11.051Class AFDM (hedged) CHF 9.223 CHF 8.884 CHF 9.519Class ANDM (hedged) NZD 9.819 NZD 9.370 NZD 9.653Class ANDMC1 (hedged) NZD 9.802 NZD 9.402 NZD 9.784Class ARDMC1 (hedged) CNH 9.939 CNH 9.416 CNH 9.749Class ASDM SGD 10.490 SGD 10.533 SGD 10.325Class ASDM (hedged) SGD 9.783 SGD 9.334 SGD 9.753Class AZDMC1 (hedged) ZAR 10.035 ZAR 9.527 ZAR 9.813Class B USD 11.961 USD 11.007 USD 10.663Class C USD 12.781 USD 11.758 USD 11.454Class D USD 14.861 USD 13.629 USD 13.127Class R USD 11.882 USD 10.942 USD 10.617Class RDM – USD 9.060 USD 9.429Class RE (hedged) EUR 11.697 EUR 10.836 EUR 10.566

Asian Infrastructure Equity FundTotal net assets USD 26,532,621 USD 24,866,574 USD 28,956,918Net asset value per:Class A USD 8.286 USD 8.018 USD 9.211Class C USD 9.770 USD 9.394 USD 10.653Class J USD 10.226 USD 9.807 –

Asian Local Bond FundTotal net assets USD 2,190,164,082 USD 2,105,214,418 USD 938,734,744Net asset value per:Class A USD 13.373 USD 12.356 USD 13.035Class AADM (hedged) AUD 8.983 AUD 8.502 AUD 9.319Class ADM USD 10.289 USD 9.687 USD 10.611Class AE (hedged) EUR 10.160 EUR 9.457 EUR 10.015Class AEDM (hedged) – EUR 8.306 EUR 9.135Class AF (hedged) CHF 9.925 CHF 9.259 CHF 9.929Class AFDM (hedged) CHF 8.554 CHF 8.130 CHF 9.055Class AH HKD 10.497 HKD 9.689 HKD 10.223Class ANDM (hedged) NZD 9.975 NZD 9.430 NZD 10.289Class ARDMC1 (hedged) CNH 9.669 CNH 9.068 CNH 9.902Class AS SGD 11.742 SGD 11.400 SGD 11.241Class ASDM SGD 10.089 SGD 9.979 SGD 10.219Class AZDM (hedged) ZAR 8.987 ZAR 8.401 ZAR 9.033Class B USD 10.122 USD 9.310 USD 9.730Class C USD 10.808 USD 9.957 USD 10.397Class D USD 16.489 USD 15.119 USD 15.708Class E* USD 10.131 – –Class EDY USD 10.371 USD 9.931 USD 10.778Class F USD 10.527 USD 9.684 USD 10.125Class R USD 10.074 USD 9.274 USD 9.714Class RDM – USD 8.311 USD 9.040Class RE (hedged) EUR 9.860 EUR 9.149 EUR 9.629






Asian Property Securities FundTotal net assets USD 7,164,486 USD 7,338,034 USD 13,903,311Net asset value per:Class A USD 11.197 USD 10.763 USD 11.104Class AS SGD 10.382 SGD 10.484 SGD 10.114Class ASDQ SGD 7.555 SGD 7.779 SGD 7.820Class D USD 13.200 USD 12.559 USD 12.702

China Equity FundTotal net assets USD 263,475,203 USD 258,825,947 USD 353,564,122Net asset value per:Class A USD 11.083 USD 11.677 USD 12.606Class AADMC1 (hedged) AUD 7.678 AUD 8.332 AUD 9.466Class ADM USD 8.578 USD 9.199 USD 10.332Class ADMC1 USD 7.733 USD 8.336 USD 9.463Class AE EUR 11.510 EUR 12.388 EUR 12.001Class AH HKD 8.600 HKD 9.051 HKD 9.780Class AHDM HKD 7.954 HKD 8.516 –Class ANDMC1 (hedged) NZD 7.628 NZD 8.258 NZD 9.505Class AR (hedged) CNH 9.772 CNH 10.162 CNH 10.647Class AS SGD 9.252 SGD 10.241 SGD 10.333Class AZDMC1 (hedged) ZAR 7.709 ZAR 8.411 ZAR 9.489Class B USD 10.389 USD 10.878 USD 11.604Class C USD 9.839 USD 10.299 USD 10.977Class CE EUR 12.116 EUR 12.954 EUR 12.384Class D USD 28.442 USD 29.661 USD 31.374Class J USD 12.807 USD 13.370 USD 14.175Class R USD 9.359 USD 9.822 USD 10.517

Developed and Emerging Asia Equity Fund (1)

Total net assets USD 2,677,697,478 USD 2,391,406,526 USD 2,889,514,558Net asset value per:Class D – USD 7.902 USD 9.138Class E* USD 10.623 – –Class EDY* USD 10.106 – –

Dragon Peacock FundTotal net assets USD 107,299,779 USD 116,213,973 USD 123,040,808Net asset value per:Class A USD 18.312 USD 18.618 USD 19.859Class AH HKD 9.054 HKD 9.196 HKD 9.816Class D USD 28.270 USD 28.416 USD 29.625

* New share class launched, see Appendix 1.(1) Sub-Fund name changed, see Note 1.





Emerging Asia Equity FundTotal net assets USD 90,457,629 USD 85,673,711 USD 99,086,095Net asset value per:Class D – USD 8.476 USD 9.803Class E* USD 10.874 – –

Emerging Europe, Middle East and Africa Dynamic FundTotal net assets USD 360,133,396 USD 357,287,064 USD 416,801,170Net asset value per:Class A USD 5.969 USD 5.400 USD 6.882Class D USD 6.972 USD 6.231 USD 7.746Class E* USD 10.462 – –

European Investment Grade Bond FundTotal net assets EUR 517,293,699 EUR 203,121,353 EUR 113,759,431Net asset value per:Class AE EUR 13.996 EUR 13.517 EUR 13.858Class AEDM EUR 12.029 EUR 11.754 EUR 12.333Class DE EUR 16.587 EUR 15.905 EUR 16.075

Global Bond Navigator FundTotal net assets USD 11,993,025 USD 12,265,473 USD 62,609,036Net asset value per:Class A USD 10.809 USD 10.315 USD 10.977Class D USD 12.012 USD 11.361 USD 11.877Class DDQ – – USD 9.884

Global Emerging Markets Bond FundTotal net assets USD 925,999,021 USD 764,889,886 USD 535,327,852Net asset value per:Class A USD 11.963 USD 11.038 USD 11.211Class AADM (hedged) AUD 8.509 AUD 8.105 AUD 8.732Class AADMC1 (hedged) AUD 9.196 AUD 8.805 AUD 9.616Class ADM USD 8.746 USD 8.273 USD 8.859Class ADMC1 USD 9.336 USD 8.876 USD 9.624Class ANDMC1 (hedged) NZD 9.302 NZD 8.900 NZD 9.644Class ARDMC1 (hedged) CNH 9.984 CNH 9.346 CNH 9.871Class AZ (hedged) ZAR 11.986 ZAR 10.763 ZAR 10.296Class AZDM (hedged) ZAR 10.252 ZAR 9.645 ZAR 10.147Class AZDMC1 (hedged) ZAR 9.677 ZAR 9.149 ZAR 9.747Class D USD 13.305 USD 12.182 USD 12.189

Global Emerging Markets Dynamic FundTotal net assets USD 568,288,683 USD 455,758,078 USD 476,788,238Net asset value per:Class A USD 8.009 USD 7.259 USD 8.821Class AS SGD 8.666 SGD 8.246 SGD 9.359Class D USD 8.712 USD 7.824 USD 9.343Class E* USD 10.976 – –

Global Equity Navigator FundTotal net assets USD 82,349,633 USD 82,547,470 USD 83,815,591Net asset value per:Class A USD 11.541 USD 11.685 USD 12.109Class D USD 12.785 USD 12.815 USD 13.012

Global Low Volatility Equity FundTotal net assets USD 117,985,856 USD 103,388,585 –Net asset value per:Class AS* SGD 10.197 – –Class D USD 11.186 USD 10.339 –






Global Market Navigator FundTotal net assets USD 134,919,318 USD 13,175,295 USD 11,129,293Net asset value per:Class A USD 11.417 USD 11.230 USD 11.668Class AADMC1 (hedged) AUD 8.787 AUD 8.940 AUD 9.853Class ADMC1 USD 8.833 USD 8.953 USD 9.876Class ANDMC1 (hedged) NZD 9.060 NZD 9.178 NZD 10.000Class ASDMC1 (hedged) SGD 8.805 SGD 8.920 SGD 9.818Class C USD 12.492 USD 12.239 USD 12.616Class D USD 13.097 USD 12.784 USD 13.080Class DJDQ – JPY 1,240 JPY 1,286

Global Multi Asset Income Plus Growth Fund (2)

Total net assets USD 122,266,469 – –Net asset value per:Class D* USD 10.632 – –

Global Technology FundTotal net assets USD 84,207,627 USD 91,200,845 USD 91,081,490Net asset value per:Class A USD 17.784 USD 18.766 USD 18.136Class CS SGD 9.727 SGD 10.709 SGD 9.537

Greater China Equity FundTotal net assets USD 115,013,777 USD 112,771,449 USD 130,604,878Net asset value per:Class A USD 18.318 USD 18.423 USD 20.336Class AH HKD 8.965 HKD 9.007 HKD 9.949Class C USD 28.400 USD 28.381 USD 30.926Class D USD 9.970 USD 9.927 USD 10.736

Hong Kong Equity FundTotal net assets USD 671,805,040 USD 585,203,395 USD 589,123,542Net asset value per:Class A USD 11.306 USD 11.538 USD 12.266Class AH HKD 10.098 HKD 10.295 HKD 10.952Class D USD 19.178 USD 19.375 USD 20.182

India Equity FundTotal net assets USD 157,827,778 USD 158,172,552 USD 164,410,215Net asset value per:Class A USD 10.984 USD 11.132 USD 12.020Class AS SGD 12.580 SGD 13.397 SGD 13.522Class B USD 11.984 USD 12.077 USD 12.891Class C USD 13.102 USD 13.198 USD 14.067Class D USD 24.613 USD 24.693 USD 26.126Class J USD 12.688 JPY 13 USD 13.513Class R USD 11.730 USD 11.839 USD 12.676

Indonesia Equity FundTotal net assets USD 195,750,700 USD 192,386,729 USD 320,811,063Net asset value per:Class A USD 15.511 USD 13.528 USD 17.442Class AS SGD 9.682 SGD 8.870 SGD 10.678Class B USD 8.634 USD 7.484 USD 9.537Class C USD 9.101 USD 7.888 USD 10.044Class D USD 8.826 USD 7.619 USD 9.625Class J USD 17.915 USD 15.483 USD 19.614

* New share class launched, see Appendix 1. (2) New Sub-Fund launched, see Note 1.





Japan Dynamic FundTotal net assets JPY 175,464,090,190 JPY 250,925,118,481 JPY 67,843,961,998Net asset value per:Class A USD 11.306 USD 12.678 USD 11.365Class A (hedged) USD 10.361 USD 13.796 USD 12.187Class AA (hedged) AUD 6.880 AUD 9.061 –Class AE EUR 10.849 EUR 12.381 EUR 9.957Class AE (hedged) EUR 8.679 EUR 11.575 EUR 10.155Class AF CHF 8.541 CHF 9.732 –Class AF (hedged) CHF 6.790 CHF 9.099 –Class AG (hedged) GBP 8.321 GBP 11.167 –Class AJ JPY 871 JPY 1,146 JPY 1,015Class AN (hedged) NZD 6.942 NZD 9.081 –Class AS SGD 10.084 SGD 11.877 SGD 9.944Class AS (hedged) SGD 10.504 SGD 13.854 SGD 12.196Class AZ (hedged) ZAR 7.149 ZAR 9.231 –Class B USD 13.649 USD 15.277 USD 13.649Class C USD 13.910 USD 15.534 USD 13.816Class C (hedged) USD 7.647 USD 10.143 –Class CDY USD 9.779 USD 10.922 –Class CE EUR 10.991 EUR 12.495 EUR 9.970Class CE (hedged) EUR 8.813 EUR 11.683 EUR 10.168Class CG GBP 9.795 GBP 9.914 –Class CJ JPY 700 JPY 918 –Class D USD 12.716 USD 14.147 USD 12.489Class R USD 13.680 USD 15.280 USD 13.597Class R (hedged) USD 8.461 JPY 11 USD 9.842Class RE EUR 10.981 EUR 12.487 EUR 9.969Class RE (hedged) EUR 8.791 EUR 11.678 EUR 10.167Class RG GBP 9.595 GBP 9.713 –Class RG (hedged) GBP 8.396 GBP 11.220 GBP 9.841Class RJ JPY 788 JPY 1,032 –

Japan Equity FundTotal net assets JPY 21,364,751,934 JPY 28,819,342,887 JPY 19,363,944,426Net asset value per:Class A USD 9.916 USD 11.069 USD 9.984Class AADMC1 (hedged) AUD 7.049 AUD 9.454 –Class ADMC1 (hedged) USD 7.050 USD 9.459 –Class AJ JPY 874 JPY 1,144 JPY 1,020Class ANDMC1 (hedged) NZD 7.070 NZD 9.451 –Class AZDMC1 (hedged) ZAR 7.141 ZAR 9.525 –Class DJ JPY 990 JPY 1,283 JPY 1,120Class EDY USD 8.821 USD 9.933 USD 8.933

Japan Fundamental Value FundTotal net assets JPY 38,438,707,565 JPY 36,553,476,385 JPY 27,013,564,541Net asset value per:Class AE EUR 8.356 EUR 9.434 –Class AF CHF 8.668 CHF 9.769 –Class AF (hedged) CHF 6.895 CHF 9.133 –Class D USD 11.409 USD 12.525 USD 10.979Class RG GBP 9.937 GBP 9.950 –





Japan Smaller Companies FundTotal net assets JPY 17,677,876,334 JPY 19,325,987,377 JPY 8,868,561,408Net asset value per:Class A USD 20.525 USD 20.810 USD 19.068Class BJ JPY 1,060 JPY 1,255 JPY 1,124Class CG GBP 10.839 GBP 9.902 –Class CJ JPY 1,970 JPY 2,330 JPY 2,084Class D* USD 9.919 – –Class EDY USD 20.685 USD 21.104 USD 19.225Class RG GBP 10.811 GBP 9.887 –Class RJ JPY 796 JPY 942 –

Latin American Equity FundTotal net assets USD 252,911,222 USD 184,223,391 USD 316,947,802Net asset value per:Class A USD 3.886 USD 3.085 USD 5.110Class D USD 4.931 USD 3.876 USD 6.290Class EDY USD 3.627 USD 2.968 USD 5.006

Malaysia Equity FundTotal net assets USD 7,855,023 USD 7,828,993 USD 9,882,404Net asset value per:Class A USD 10.825 USD 10.191 USD 13.106Class J USD 12.450 USD 11.614 USD 14.702

North America FundTotal net assets – – USD 158,157,264Net asset value per:Class D – – USD 19.209

North American Value FundTotal net assets USD 1,792,656,870 USD 1,691,857,314 USD 1,495,864,848Net asset value per:Class A USD 10.838 USD 10.775 USD 12.159Class AADMC1 (hedged) AUD 8.563 AUD 8.704 AUD 10.078Class ADMC1 USD 8.613 USD 8.693 USD 10.075Class ANDMC1 (hedged) NZD 8.571 NZD 8.698 NZD 10.076Class AS SGD 11.384 SGD 11.891 SGD 12.542Class AZDMC1 (hedged) ZAR 8.634 ZAR 8.794 ZAR 10.078Class D USD 12.748 USD 12.546 USD 13.872

Pan European FundTotal net assets USD 42,670,056 USD 47,694,509 USD 44,822,297Net asset value per:Class A USD 13.279 USD 13.641 USD 13.288Class CS SGD 13.120 SGD 14.095 SGD 12.713

Philippines Equity FundTotal net assets USD 68,291,384 USD 65,046,349 USD 163,686,010Net asset value per:Class A USD 19.802 USD 17.847 USD 19.907Class AS SGD 12.469 SGD 11.775 SGD 12.314Class B USD 10.821 USD 9.699 USD 10.690Class C USD 9.936 USD 8.898 –Class J USD 22.793 USD 20.358 USD 22.315Class JJ JPY 10,913 JPY 11,432 JPY 12,574

Thailand Equity FundTotal net assets USD 15,868,073 USD 14,180,728 USD 20,571,700Net asset value per:Class A USD 16.831 USD 14.396 USD 19.052Class J USD 19.497 USD 16.514 USD 21.455






US Bond FundTotal net assets USD 55,832,797 USD 51,569,272 USD 100,847,018Net asset value per:Class A USD 13.907 USD 13.175 USD 13.311Class AADM (hedged) AUD 9.686 AUD 9.316 AUD 9.656Class ADM USD 9.970 USD 9.564 USD 9.907Class C USD 14.973 USD 14.113 USD 14.111Class D USD 15.718 USD 14.777 USD 14.701Class DDQ – USD 12.058 USD 12.336Class EDY USD 11.952 USD 11.555 USD 11.809

US Corporate Bond FundTotal net assets USD 4,857,850,350 USD 4,328,357,639 USD 4,721,989,572Net asset value per:Class A USD 12.779 USD 11.898 USD 12.171Class AADM (hedged) AUD 10.077 AUD 9.551 AUD 10.028Class AADMC1 (hedged) AUD 9.777 AUD 9.290 AUD 9.804Class ADM USD 10.983 USD 10.381 USD 10.943Class ADMC1 USD 9.629 USD 9.123 USD 9.667Class AE (hedged) EUR 11.030 EUR 10.329 EUR 10.597Class AEDM (hedged) EUR 9.782 EUR 9.298 EUR 9.829Class AF (hedged) CHF 10.790 CHF 10.136 CHF 10.501Class AFDM (hedged) CHF 9.566 CHF 9.121 CHF 9.739Class ANDM (hedged) NZD 10.812 NZD 10.248 NZD 10.698Class ANDMC1 (hedged) NZD 10.670 NZD 10.139 NZD 10.636Class ARDMC1 (hedged) CNH 10.324 CNH 9.682 CNH 10.110Class ASDM (hedged) SGD 10.063 SGD 9.492 SGD 9.933Class AZDM (hedged) ZAR 10.472 ZAR 9.788 ZAR 10.090Class AZDMC1 (hedged) ZAR 10.306 ZAR 9.657 ZAR 10.006Class B USD 11.313 USD 10.486 USD 10.632Class C USD 11.605 USD 10.750 USD 10.901Class CDY USD 3.639 USD 11.035 USD 11.475Class CE EUR 11.863 EUR 11.223 EUR 10.187Class CE (hedged) EUR 10.624 EUR 9.897 –Class CG GBP 12.497 GBP 10.511 GBP 10.111Class CG (hedged) GBP 10.735 GBP 9.937 –Class D USD 17.850 USD 16.494 USD 16.616Class DDQ – USD 10.461 USD 10.877Class E* USD 10.274 – –Class G USD 11.121 USD 10.323 USD 10.499Class GDM USD 10.052 USD 9.472 USD 9.915Class GEDM (hedged) EUR 9.914 EUR 9.396 EUR 9.874Class GFDM (hedged) CHF 9.703 CHF 9.223 CHF 9.792Class R USD 11.180 USD 10.365 USD 10.512Class RDM USD 10.088 USD 9.490 USD 9.918Class RE (hedged) EUR 11.047 EUR 10.301 EUR 10.477Class REDM (hedged) EUR 9.847 EUR 9.319 –Class RGDM (hedged) GBP 10.266 GBP 9.654 GBP 10.057

US High Investment Grade Bond FundTotal net assets USD 241,385,462 USD 247,733,076 USD 244,586,481Net asset value per:Class A USD 14.417 USD 13.604 USD 13.652Class ADM USD 11.601 USD 11.084 USD 11.401Class ADQ USD 10.417 USD 9.947 USD 10.222Class AS SGD 12.814 SGD 12.702 SGD 11.911Class C USD 19.247 USD 18.067 USD 17.939Class D USD 17.190 USD 16.096 USD 15.903






US High Yield Bond FundTotal net assets USD 1,674,772,531 USD 1,758,139,649 USD 2,399,599,497Net asset value per:Class A USD 14.652 USD 13.541 USD 14.921Class AADM (hedged) AUD 8.553 AUD 8.199 AUD 9.667Class AADMC1 (hedged) AUD 8.014 AUD 7.721 AUD 9.196Class ADM USD 10.104 USD 9.627 USD 11.328Class ADMC1 USD 8.056 USD 7.715 USD 9.171Class AEDM (hedged) – EUR 7.679 EUR 9.081Class AFDM (hedged) CHF 7.839 CHF 7.521 CHF 9.025Class ANDM (hedged) NZD 8.645 NZD 8.256 NZD 9.614Class ANDMC1 (hedged) NZD 8.213 NZD 7.884 NZD 9.273Class ARDMC1 (hedged) CNH 8.634 CNH 8.183 CNH 9.540Class AS SGD 12.584 SGD 12.213 SGD 12.570Class AZDM (hedged) ZAR 8.122 ZAR 7.771 ZAR 9.162Class AZDMC1 (hedged) ZAR 8.151 ZAR 7.839 ZAR 9.336Class B USD 10.718 USD 9.864 USD 10.774Class C USD 22.282 USD 20.499 USD 22.384Class D USD 17.362 USD 15.923 USD 17.279Class E* USD 10.164 – –Class R USD 10.379 USD 9.560 USD 10.459Class RDM – USD 7.915 USD 9.247Class RE (hedged) – EUR 9.450 EUR 10.403

US Investment Grade Bond FundTotal net assets USD 433,054,754 USD 344,312,565 USD 392,965,102Net asset value per:Class A USD 17.305 USD 16.038 USD 16.542Class AADM (hedged) AUD 10.073 AUD 9.540 AUD 10.149Class ACDM (hedged) CAD 9.888 CAD 9.354 CAD 9.956Class ADM USD 12.528 USD 11.814 USD 12.620Class ADQ USD 13.618 USD 12.841 USD 13.718Class AE (hedged) EUR 11.300 EUR 10.490 EUR 10.853Class AEDM (hedged) – EUR 9.278 EUR 9.940Class AF (hedged) CHF 11.015 CHF 10.289 CHF 10.760Class AFDM (hedged) CHF 9.571 CHF 9.097 CHF 9.853Class AGDM (hedged) GBP 9.854 GBP 9.288 GBP 9.879Class AHDM HKD 9.814 HKD 9.242 HKD 9.869Class ANDM (hedged) NZD 9.967 NZD 9.429 NZD 9.970Class AS SGD 16.242 SGD 15.816 SGD 15.245Class AZDM (hedged) ZAR 10.169 ZAR 9.418 –Class B USD 11.400 USD 10.514 USD 10.736Class C USD 11.913 USD 10.984 USD 11.211Class D USD 20.297 USD 18.667 USD 18.959Class JJDM (hedged)* JPY 1,019 – –Class R USD 11.280 USD 10.419 USD 10.666Class RDM – USD 9.399 USD 9.966Class RE (hedged) EUR 11.146 EUR 10.323 EUR 10.611

US Strategic Income Bond FundTotal net assets USD 50,752,557 USD 47,734,423 –Net asset value per:Class D USD 10.151 USD 9.547 –

US Total Return Bond FundTotal net assets USD 52,530,382 USD 49,432,230 –Net asset value per:Class D USD 10.506 USD 9.886 –






Vietnam Equity FundTotal net assets USD 2,648,579 USD 2,582,502 USD 3,191,655Net asset value per:Class J USD 8.518 USD 7.486 USD 6.787

World Value Equity FundTotal net assets USD 310,719,729 USD 330,200,473 USD 421,228,554Net asset value per:Class A USD 15.824 USD 16.361 USD 17.504Class AADM (hedged) AUD 8.902 AUD 9.359 AUD 10.201Class AADMC1 (hedged) AUD 8.703 AUD 9.195 AUD 10.124Class ADM USD 8.943 USD 9.338 USD 10.190Class ADMC1 USD 8.737 USD 9.171 USD 10.112Class ANDMC1 (hedged) NZD 8.834 NZD 9.292 NZD 10.188Class AS (hedged) SGD 8.610 SGD 8.910 SGD 9.517Class ASDM (hedged) SGD 8.284 SGD 8.659 SGD 9.434Class AZ (hedged) ZAR 9.956 ZAR 10.160 ZAR 10.302Class AZDMC1 (hedged) ZAR 8.790 ZAR 9.321 ZAR 10.190Class C USD 18.398 USD 18.901 USD 19.964Class D USD 19.735 USD 20.200 USD 21.175

47


DescriptionQuantity/ Nominal Currency

Acquisition cost Evaluation

% net assets

Statement of Investments as at June 30, 2016

Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market

SHARES

Australia Australia & New Zealand Banking Group Ltd 1,950,751 AUD 43,656,509 34,990,907 3.27BHP Billiton Ltd 1,514,210 AUD 33,316,624 21,001,050 1.97Insurance Australia Group Ltd 503,861 AUD 2,106,600 2,042,130 0.19National Australia Bank Ltd 1,632,898 AUD 40,404,741 30,880,298 2.89Nine Entertainment Co Holdings Ltd 13,544,411 AUD 17,056,375 10,576,099 0.99Origin Energy Ltd 2,007,107 AUD 12,659,504 8,582,513 0.80Qantas Airways Ltd 7,616,955 AUD 17,346,825 15,973,739 1.49QBE Insurance Group Ltd 2,493,110 AUD 23,268,538 19,337,567 1.81Stockland (REIT) 2,683,261 AUD 8,773,828 9,398,529 0.88Westfield Corp (REIT) 1,411,069 AUD 10,710,405 11,175,679 1.05Whitehaven Coal Ltd 13,869,622 AUD 21,538,150 11,087,897 1.04Woodside Petroleum Ltd 635,427 AUD 18,706,922 12,683,066 1.19

249,545,021 187,729,474 17.57

Bermuda Huabao International Holdings Ltd 33,608,000 HKD 16,766,799 11,911,735 1.11Jardine Matheson Holdings Ltd 300,833 USD 17,101,105 17,541,572 1.65Noble Group Ltd 67,073,678 SGD 29,405,001 9,953,729 0.93Noble Group Ltd Rights 29/07/2016 67,073,678 SGD 9,500,075 4,479,178 0.42

72,772,980 43,886,214 4.11

British Virgin Islands Hollysys Automation Technologies Ltd 444,200 USD 8,883,282 7,449,234 0.70

Cayman Islands Baidu Inc ADR 148,400 USD 25,613,387 24,122,420 2.25Hengan International Group Co Ltd 1,006,000 HKD 9,790,111 8,388,841 0.79Parkson Retail Group Ltd 37,621,500 HKD 12,524,291 3,297,196 0.31Qinqin Foodstuffs Group Cayman Co Ltd 201,200 HKD 335,492 285,247 0.03Sands China Ltd 3,417,200 HKD 14,196,568 11,428,979 1.07Tencent Holdings Ltd 1,264,600 HKD 24,095,104 28,702,002 2.68

86,554,953 76,224,685 7.13

China Bank of China Ltd 'H' 47,626,000 HKD 22,004,936 18,967,158 1.77China Construction Bank Corp 'H' 48,969,000 HKD 36,396,726 32,314,011 3.03China Merchants Bank Co Ltd 'H' 8,584,169 HKD 18,314,763 19,184,347 1.80China Vanke Co Ltd 'H' 2,476,800 HKD 5,979,021 4,852,150 0.45Dongfeng Motor Group Co Ltd 'H' 14,882,000 HKD 19,167,302 15,497,882 1.45

101,862,748 90,815,548 8.50

Hong Kong BOC Hong Kong Holdings Ltd 4,865,000 HKD 15,727,419 14,546,902 1.36China Merchants Holdings International Co Ltd 5,622,089 HKD 18,307,008 14,926,728 1.40China Mobile Ltd 2,378,500 HKD 29,519,986 27,175,752 2.54China Overseas Land & Investment Ltd 4,924,000 HKD 15,434,906 15,548,332 1.46China Resources Power Holdings Co Ltd 3,700,151 HKD 8,810,532 5,512,860 0.52CLP Holdings Ltd 1,102,000 HKD 10,368,832 11,220,401 1.05Sino Land Co Ltd 8,741,266 HKD 13,385,187 14,262,896 1.33Sun Hung Kai Properties Ltd 2,160,044 HKD 27,966,448 25,904,705 2.42Wharf Holdings Ltd 1,712,000 HKD 11,704,901 10,359,506 0.97

151,225,219 139,458,082 13.05

(expressed in USD)

ASIA PACIFIC EQUITY FUND

48




% net assets

Statement of Investments as at June 30, 2016(expressed in USD)

ASIA PACIFIC EQUITY FUND (continued)

India Axis Bank Ltd 2,238,490 INR 14,852,121 17,693,664 1.66Cairn India Ltd 3,829,624 INR 9,796,254 7,974,715 0.75Housing Development Finance Corp Ltd 1,214,491 INR 20,996,626 22,557,007 2.11Infosys Ltd 1,349,455 INR 21,187,677 23,408,270 2.18Reliance Industries Ltd 981,912 INR 14,045,936 14,099,112 1.32

80,878,614 85,732,768 8.02

Indonesia Bank Negara Indonesia Persero Tbk PT 41,555,300 IDR 16,129,333 16,354,782 1.53Perusahaan Gas Negara Persero Tbk 43,869,700 IDR 8,568,715 7,769,544 0.73Salim Ivomas Pratama Tbk PT 162,237,790 IDR 10,514,370 5,451,926 0.51

35,212,418 29,576,252 2.77

Malaysia CIMB Group Holdings Bhd 18,178,813 MYR 24,952,857 19,705,266 1.84Genting Malaysia Bhd 13,247,700 MYR 15,525,319 14,622,978 1.37

40,478,176 34,328,244 3.21

Singapore CapitaLand Ltd 4,070,500 SGD 9,633,940 9,272,350 0.87DBS Group Holdings Ltd 1,872,679 SGD 22,366,624 21,898,947 2.05Oversea-Chinese Banking Corp Ltd 1,857,100 SGD 13,217,395 11,974,537 1.12

45,217,959 43,145,834 4.04

South Korea Hana Financial Group Inc 527,301 KRW 15,316,236 10,643,528 1.00Hyundai Motor Co 263,464 KRW 41,064,506 30,993,073 2.90Korea Electric Power Corp 209,508 KRW 10,718,342 10,986,051 1.03KT Corp 621,109 KRW 18,386,512 15,988,090 1.50LG Corp 203,724 KRW 11,801,021 11,266,414 1.05Samsung Electronics Co Ltd 47,151 KRW 52,693,392 58,332,398 5.45

149,980,009 138,209,554 12.93

Taiwan Catcher Technology Co Ltd 1,084,000 TWD 8,302,255 7,980,720 0.75Compal Electronics Inc 21,285,000 TWD 14,764,840 13,361,273 1.25HON HAI Precision Industry Co Ltd 12,421,900 TWD 30,247,704 31,768,092 2.97Taiwan Semiconductor Manufacturing Co Ltd 13,137,000 TWD 51,049,722 66,175,726 6.19Uni-President Enterprises Corp 5,371,833 TWD 9,112,019 10,574,148 0.99

113,476,540 129,859,959 12.15

Thailand Kasikornbank PCL (Foreign Market) 2,191,500 THB 10,203,947 10,757,935 1.00PTT PCL (Foreign Market) 918,200 THB 7,576,009 8,178,619 0.77

17,779,956 18,936,554 1.77

United Kingdom Standard Chartered Plc 2,888,346 HKD 31,837,685 21,367,848 2.00

Total Shares 1,185,705,560 1,046,720,250 97.95

Total Investments 1,185,705,560 1,046,720,250 97.95

Other Net Assets 21,884,675 2.05

Total Net Assets 1,068,604,925 100.00

49




% net assets



BONDS

Australia AusNet Services Holdings Pty Ltd FRN 7/9/2076 5,000,000 SGD 3,557,845 3,938,015 0.13AusNet Services Holdings Pty Ltd FRN 17/3/2076 1,300,000 USD 1,300,000 1,384,903 0.04Australia & New Zealand Banking Group Ltd FRN 30/1/2025 'EMTN' 26,000,000 CNY 4,184,030 3,837,544 0.12Australia & New Zealand Banking Group Ltd 1.055% 26/6/2017 'EMTN' 50,000,000 HKD 6,449,480 6,439,312 0.21Baosteel Financing 2015 Pty Ltd 3.875% 28/1/2020 5,000,000 USD 5,022,354 5,110,457 0.17CNOOC Curtis Funding No 1 Pty Ltd 4.5% 3/10/2023 'REGS' 5,000,000 USD 4,968,027 5,415,450 0.18CNOOC Finance 2015 Australia Pty Ltd 2.625% 5/5/2020 10,000,000 USD 9,938,688 10,054,870 0.33CNOOC Finance 2015 Australia Pty Ltd 4.2% 5/5/2045 5,000,000 USD 4,940,080 5,030,035 0.16National Australia Bank Ltd FRN 17/5/2026 'GMTN' 50,000,000 HKD 6,407,996 6,587,529 0.21National Australia Bank Ltd FRN 19/5/2028 3,750,000 SGD 2,737,032 2,781,719 0.09Westpac Banking Corp FRN 28/2/2023 'EMTN' 2,000,000 USD 1,999,428 2,055,920 0.07

51,504,960 52,635,754 1.71

Bermuda GCX Ltd 7% 1/8/2019 'REGS' 5,000,000 USD 4,828,946 4,862,500 0.16Kunlun Energy Co Ltd 2.875% 13/5/2020 'REGS' 10,000,000 USD 9,896,642 10,176,039 0.33Kunlun Energy Co Ltd 3.75% 13/5/2025 'REGS' 5,000,000 USD 4,879,276 5,120,141 0.17Noble Group Ltd 3.625% 20/3/2018 'EMTN' 3,000,000 USD 2,910,748 2,565,000 0.08

22,515,612 22,723,680 0.74

British Virgin Islands ABCL Glory Capital Ltd 2.5% 21/6/2021 5,000,000 USD 4,977,325 5,013,300 0.16Advance Wisdom Investments Ltd 2.1% 16/10/2017 3,000,000 USD 3,014,190 3,013,256 0.10Beijing Capital Polaris Investment Co Ltd 2.875% 1/4/2018 4,300,000 USD 4,302,135 4,300,350 0.14Bestgain Real Estate Ltd 2.625% 13/3/2018 'REGS' 6,000,000 USD 5,842,476 6,002,476 0.20Bluestar Finance Holdings Ltd 3.5% 11/6/2018 14,000,000 USD 13,968,804 14,135,932 0.46Bluestar Finance Holdings Ltd 4.375% 11/6/2020 'EMTN' 4,200,000 USD 4,218,066 4,314,650 0.14Caifu Holdings Ltd 8.75% 24/1/2020 'REGS' 5,000,000 USD 4,906,982 5,312,500 0.17CCCI Treasure Ltd FRN Perpetual 14,200,000 USD 14,070,136 14,448,500 0.47Central Plaza Development Ltd FRN Perpetual 'EMTN' 2,500,000 USD 2,500,000 2,656,250 0.09Central Plaza Development Ltd FRN Perpetual 'REGS' 2,200,000 USD 2,200,000 2,337,500 0.08Chalco Hong Kong Investment Co Ltd FRN Perpetual 1,800,000 USD 1,800,000 1,823,163 0.06Charming Light Investments Ltd 3.75% 3/9/2019 'EMTN' 9,000,000 USD 8,954,050 9,312,282 0.30Charming Light Investments Ltd 5% 3/9/2024 'EMTN' 4,100,000 USD 4,064,809 4,361,572 0.14Cheung Kong Bond Securities 03 Ltd 5.375% Perpetual 'REGS' 2,000,000 USD 2,000,000 2,050,740 0.07China Cinda Finance 2014 Ltd 4% 14/5/2019 'REGS' 6,000,000 USD 6,041,300 6,263,507 0.20China Cinda Finance 2014 Ltd 5.625% 14/5/2024 'REGS' 2,400,000 USD 2,391,324 2,651,612 0.09China Cinda Finance 2015 I Ltd 3.125% 23/4/2020 'REGS' 24,500,000 USD 24,474,078 24,851,973 0.80China Cinda Finance 2015 I Ltd 4.25% 23/4/2025 'REGS' 14,000,000 USD 13,584,209 14,197,102 0.46China Great Wall International Holdings II Ltd 2.5% 18/6/2018 10,000,000 USD 10,015,283 10,091,750 0.33China Merchants Finance Co Ltd 4.75% 3/8/2025 3,000,000 USD 2,993,137 3,307,500 0.11China New Town Finance I Ltd 5.5% 6/5/2018 10,900,000 CNY 1,756,659 1,618,956 0.05China Shenhua Overseas Capital Co Ltd 2.5% 20/1/2018 4,000,000 USD 4,018,750 4,019,363 0.13China Shenhua Overseas Capital Co Ltd 3.125% 20/1/2020 8,000,000 USD 8,022,101 8,162,001 0.27China Shenhua Overseas Capital Co Ltd 3.875% 20/1/2025 3,900,000 USD 3,869,204 4,035,548 0.13Chinalco Finance Holdings Ltd 3.625% 11/12/2019 1,900,000 USD 1,893,901 1,958,482 0.06CICC Hong Kong Finance 2016 MTN Ltd 2.75% 18/5/2019 'EMTN' 4,000,000 USD 3,993,344 4,033,140 0.13CITIC Securities Finance MTN Co Ltd 3.5% 30/10/2019 'EMTN' 4,200,000 USD 4,198,801 4,333,069 0.14CITIC Telecom International Finance Ltd 6.1% 5/3/2025 'REGS' 1,200,000 USD 1,219,598 1,240,800 0.04CLP Power Hong Kong Financing Ltd 3.125% 6/5/2025 'EMTN' 4,155,000 USD 4,159,784 4,285,457 0.14CLP Power Hong Kong Financing Ltd 3.375% 26/10/2027 'EMTN' 4,000,000 USD 3,975,080 4,132,340 0.13CLP Power Hong Kong Financing Ltd 4.75% 12/7/2021 'EMTN' 2,000,000 USD 2,042,013 2,255,962 0.07CNOOC Finance 2003 Ltd 5.5% 21/5/2033 'REGS' 4,000,000 USD 4,558,079 4,596,546 0.15CNOOC Finance 2011 Ltd 4.25% 26/1/2021 'REGS' 4,000,000 USD 3,969,002 4,296,740 0.14CNOOC Finance 2011 Ltd 5.75% 26/1/2041 'REGS' 2,000,000 USD 2,234,906 2,467,250 0.08CNOOC Finance 2012 Ltd 3.875% 2/5/2022 'REGS' 3,000,000 USD 3,002,538 3,150,070 0.10

(expressed in USD)

ASIAN BOND FUND

50




% net assets


ASIAN BOND FUND (continued)

CNOOC Finance 2012 Ltd 5% 2/5/2042 'REGS' 2,800,000 USD 2,849,308 3,137,526 0.10CNOOC Finance 2013 Ltd 3% 9/5/2023 14,000,000 USD 13,308,926 13,910,120 0.45CNOOC Finance 2013 Ltd 4.25% 9/5/2043 4,000,000 USD 3,786,132 4,007,020 0.13CNPC General Capital Ltd 2.7% 25/11/2019 'EMTN' 650,000 USD 650,520 663,785 0.02CNPC General Capital Ltd 2.75% 19/4/2017 'REGS' 1,000,000 USD 999,986 1,010,123 0.03CNPC General Capital Ltd 2.75% 14/5/2019 'REGS' 2,000,000 USD 2,004,575 2,035,894 0.07CNPC General Capital Ltd 3.4% 16/4/2023 'REGS' 5,000,000 USD 5,085,602 5,117,821 0.17CNPC General Capital Ltd 3.95% 19/4/2022 'REGS' 3,000,000 USD 3,010,182 3,190,687 0.10CNPC HK Overseas Capital Ltd 4.5% 28/4/2021 'REGS' 4,000,000 USD 3,955,951 4,355,080 0.14CNPC HK Overseas Capital Ltd 5.95% 28/4/2041 'REGS' 1,500,000 USD 1,472,841 1,913,153 0.06COSCO Finance 2011 Ltd 4% 3/12/2022 2,300,000 USD 2,291,828 2,439,601 0.08COSCO Pacific Finance 2013 Co Ltd 4.375% 31/1/2023 10,000,000 USD 9,265,328 10,040,650 0.33Dianjian Haixing Ltd FRN Perpetual 3,000,000 USD 3,000,000 3,075,000 0.10Double Rosy Ltd 3.625% 18/11/2019 11,300,000 USD 11,313,861 11,634,723 0.38Eastern Creation II Investment Holdings Ltd 3.25% 20/1/2020 'EMTN' 1,500,000 USD 1,497,453 1,531,575 0.05FPC Finance Ltd 6% 28/6/2019 1,800,000 USD 1,800,000 1,926,000 0.06FPC Treasury Ltd 4.5% 16/4/2023 'REGS' 7,800,000 USD 7,733,316 7,878,000 0.26FPMH Finance Ltd 7.375% 24/7/2017 1,500,000 USD 1,500,000 1,590,000 0.05FPT Finance Ltd 6.375% 28/9/2020 'REGS' 1,000,000 USD 998,400 1,102,093 0.04Franshion Brilliant Ltd 5.375% 17/10/2018 5,000,000 USD 5,173,174 5,287,434 0.17Franshion Brilliant Ltd 5.75% 19/3/2019 4,000,000 USD 3,976,745 4,300,000 0.14Franshion Development Ltd 6.75% 15/4/2021 'REGS' 3,400,000 USD 3,384,565 3,891,055 0.13Franshion Investment Ltd 4.7% 26/10/2017 'REGS' 3,900,000 USD 3,932,951 4,014,392 0.13Fuqing Investment Management Ltd 4.85% 21/7/2018 38,100,000 CNY 6,130,517 5,719,868 0.19Gain Silver Finance Ltd 6.375% 25/8/2016 900,000 USD 899,919 905,433 0.03Greenland Global Investment Ltd 3.5% 17/10/2017 'EMTN' 7,000,000 USD 7,005,053 6,981,369 0.23Greenland Global Investment Ltd 4.375% 3/7/2019 3,100,000 USD 3,108,343 3,111,625 0.10Greenland Global Investment Ltd 5.875% 3/7/2024 4,100,000 USD 4,085,409 4,120,500 0.13Guangzhou Metro Investment Finance BVI Ltd 3.375% 3/12/2020 'EMTN' 2,000,000 USD 1,992,043 2,058,260 0.07Haitong International Finance Holdings 2015 Ltd 3.5% 21/4/2020 5,200,000 USD 5,188,712 5,291,778 0.17Henson Finance Ltd 5.5% 17/9/2019 3,400,000 USD 3,397,540 3,739,356 0.12HKT Capital No 2 Ltd 3.625% 2/4/2025 'REGS' 4,000,000 USD 3,932,957 4,186,923 0.14HLP Finance Ltd 4.45% 16/4/2021 'EMTN' 5,100,000 USD 5,138,711 5,426,043 0.18HLP Finance Ltd 4.75% 25/6/2022 'EMTN' 4,300,000 USD 4,274,031 4,633,960 0.15Huarong Finance Co Ltd 3% 17/7/2017 1,700,000 USD 1,697,855 1,715,574 0.06Huarong Finance II Co Ltd 2.75% 3/6/2019 8,000,000 USD 7,988,883 8,070,080 0.26Huarong Finance II Co Ltd 3.25% 3/6/2021 4,000,000 USD 3,980,614 4,022,600 0.13Huarong Finance II Co Ltd 4.5% 16/1/2020 'EMTN' 1,000,000 USD 996,837 1,055,952 0.03Huarong Finance II Co Ltd 5% 19/11/2025 'EMTN' 6,000,000 USD 5,967,924 6,375,840 0.21Huarong Finance II Co Ltd 5.5% 16/1/2025 'EMTN' 14,000,000 USD 14,213,123 15,280,264 0.49Huatai International Finance I Ltd 3.625% 8/10/2019 5,600,000 USD 5,609,468 5,790,712 0.19JGSH Philippines Ltd 4.375% 23/1/2023 'REGS' 5,000,000 USD 5,132,900 5,181,250 0.17LTC GB Ltd 2.75% 26/5/2021 3,000,000 USD 2,992,773 3,033,807 0.10Mega Advance Investments Ltd 5% 12/5/2021 'REGS' 3,000,000 USD 3,045,843 3,291,062 0.11Midea Investment Development Co Ltd 2.375% 3/6/2019 'EMTN' 8,000,000 USD 7,993,314 8,032,240 0.26Minmetals Bounteous Finance BVI Ltd 3.5% 30/7/2020 300,000 USD 300,988 305,431 0.01Minmetals Bounteous Finance BVI Ltd 4.75% 30/7/2025 3,600,000 USD 3,595,360 3,739,000 0.12Nan Fung Treasury I Ltd 5.25% 20/1/2017 2,000,000 USD 2,000,411 2,036,478 0.07Nan Fung Treasury Ltd 4.875% 29/5/2024 'EMTN' 3,000,000 USD 3,009,303 3,253,894 0.11NWD MTN Ltd 4.375% 30/11/2022 'EMTN' 6,900,000 USD 7,003,367 7,193,743 0.23NWD MTN Ltd 5.25% 26/2/2021 'EMTN' 6,800,000 USD 6,794,875 7,355,390 0.24PCCW Capital No 4 Ltd 5.75% 17/4/2022 'REGS' 2,700,000 USD 2,669,367 3,083,165 0.10PCCW-HKT Capital No 5 Ltd 3.75% 8/3/2023 'REGS' 2,200,000 USD 2,151,734 2,338,440 0.08Prosperous Ray Ltd 3% 12/11/2018 'REGS' 5,000,000 USD 5,038,105 5,097,071 0.17Proven Honour Capital Ltd 4.125% 19/5/2025 8,000,000 USD 7,938,146 8,277,832 0.27Proven Honour Capital Ltd 4.125% 6/5/2026 11,000,000 USD 11,003,027 11,398,145 0.37RKI Finance 2013 Ltd 6% 3/12/2016 'EMTN' 12,000,000 CNY 1,969,570 1,799,059 0.06Road King Infrastructure Finance 2012 Ltd 9.875% 18/9/2017 'EMTN' 1,500,000 USD 1,549,335 1,563,750 0.05Rosy Unicorn Ltd 6.5% 9/2/2017 2,600,000 USD 2,599,331 2,667,185 0.09Sinochem Global Capital Co Ltd FRN Perpetual 'REGS' 2,200,000 USD 2,200,000 2,271,500 0.07

51




% net assets



Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 'REGS' 9,000,000 USD 8,921,625 9,556,414 0.31Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 'REGS' 3,000,000 USD 2,957,821 3,915,000 0.13Sino-Ocean Land Treasure Finance I Ltd 4.625% 30/7/2019 'EMTN' 800,000 USD 817,826 836,669 0.03Sino-Ocean Land Treasure Finance I Ltd 6% 30/7/2024 'EMTN' 3,700,000 USD 3,715,175 3,947,483 0.13Sino-Ocean Land Treasure Finance II Ltd 4.45% 4/2/2020 3,000,000 USD 3,000,072 3,128,583 0.10Sino-Ocean Land Treasure Finance II Ltd 5.95% 4/2/2027 1,100,000 USD 1,087,745 1,149,800 0.04Sinopec Capital 2013 Ltd 3.125% 24/4/2023 'REGS' 8,000,000 USD 7,852,432 7,971,828 0.26Sinopec Capital 2013 Ltd 4.25% 24/4/2043 'REGS' 3,000,000 USD 2,982,437 3,070,815 0.10Sinopec Group Overseas Development 2012 Ltd 2.75% 17/5/2017 'REGS' 1,600,000 USD 1,599,206 1,617,796 0.05Sinopec Group Overseas Development 2012 Ltd 3.9% 17/5/2022 'REGS' 6,000,000 USD 6,144,007 6,361,260 0.21Sinopec Group Overseas Development 2012 Ltd 4.875% 17/5/2042 'REGS' 3,600,000 USD 3,577,690 4,064,454 0.13Sinopec Group Overseas Development 2013 Ltd 4.375% 17/10/2023 'REGS' 2,400,000 USD 2,380,340 2,592,685 0.08Sinopec Group Overseas Development 2014 Ltd 4.375% 10/4/2024 'REGS' 2,500,000 USD 2,495,477 2,694,564 0.09Sinopec Group Overseas Development 2015 Ltd 2.5% 28/4/2020 'REGS' 15,000,000 USD 14,856,834 15,125,761 0.49Sinopec Group Overseas Development 2015 Ltd 3.25% 28/4/2025 'REGS' 10,000,000 USD 9,669,161 10,058,856 0.33Sinopec Group Overseas Development 2015 Ltd 4.1% 28/4/2045 'REGS' 3,800,000 USD 3,800,000 3,817,682 0.12Sinopec Group Overseas Development 2016 Ltd 2.125% 3/5/2019 'REGS' 8,000,000 USD 7,981,313 8,031,917 0.26Sinopec Group Overseas Development 2016 Ltd 2.75% 3/5/2021 'REGS' 7,000,000 USD 6,987,502 7,109,752 0.23Sinopec Group Overseas Development 2016 Ltd 3.5% 3/5/2026 'REGS' 10,000,000 USD 9,983,073 10,214,845 0.33Skysea International Capital Management 4.875% 7/12/2021 'EMTN' 3,600,000 USD 3,555,206 3,997,500 0.13SmarTone Finance Ltd 3.875% 8/4/2023 9,500,000 USD 8,786,990 9,551,537 0.31Star Energy Geothermal Wayang Windu Ltd 6.125% 27/3/2020 'REGS' 1,600,000 USD 1,600,000 1,624,000 0.05State Elite Global Ltd 3.125% 20/1/2020 'EMTN' 1,500,000 USD 1,497,607 1,542,186 0.05State Grid Overseas Investment 2014 Ltd 4.125% 7/5/2024 'REGS' 4,500,000 USD 4,461,564 4,955,874 0.16State Grid Overseas Investment 2014 Ltd 4.85% 7/5/2044 'REGS' 3,200,000 USD 3,159,327 3,860,000 0.13State Grid Overseas Investment 2016 Ltd 2.875% 18/5/2026 'REGS' 5,000,000 USD 4,992,796 5,048,187 0.16Studio City Finance Ltd 8.5% 1/12/2020 'REGS' 7,000,000 USD 6,859,162 7,122,500 0.23Talent Yield Investments Ltd 4.5% 25/4/2022 'REGS' 3,500,000 USD 3,486,089 3,797,588 0.12Trillion Chance Ltd 8.5% 10/1/2019 7,000,000 USD 6,804,680 7,432,705 0.24Value Success International Ltd 4.75% 4/11/2018 5,000,000 CNY 821,625 765,537 0.02Wanda Properties International Co Ltd 7.25% 29/1/2024 5,000,000 USD 5,087,264 5,449,525 0.18Wiseyear Holdings Ltd 5% 15/2/2017 'EMTN' 2,800,000 USD 2,798,025 2,850,215 0.09Yuexiu REIT MTN Co 3.1% 14/5/2018 'EMTN' 1,650,000 USD 1,609,550 1,657,418 0.05Zhaohai Investment BVI Ltd 3.1% 23/7/2018 5,000,000 USD 4,979,876 5,009,950 0.16Zhaohai Investment BVI Ltd 4% 23/7/2020 5,000,000 USD 4,977,169 5,081,250 0.17

613,106,062 638,500,086 20.75

Canada CNOOC Nexen Finance 2014 ULC 1.625% 30/4/2017 5,000,000 USD 5,000,000 5,005,074 0.16CNOOC Nexen Finance 2014 ULC 4.25% 30/4/2024 9,100,000 USD 9,131,696 9,678,169 0.31CNOOC Nexen Finance 2014 ULC 4.875% 30/4/2044 3,000,000 USD 2,954,320 3,325,575 0.11Nexen Energy ULC 5.875% 10/3/2035 2,500,000 USD 2,727,936 2,965,925 0.10Nexen Energy ULC 7.5% 30/7/2039 8,000,000 USD 10,243,552 10,754,999 0.35Nexen Energy ULC 7.875% 15/3/2032 3,700,000 USD 4,752,222 5,133,750 0.17PTTEP Canada International Finance Ltd 6.35% 12/6/2042 'REGS' 3,100,000 USD 3,134,611 4,045,433 0.13

37,944,337 40,908,925 1.33

Cayman Islands Agile Property Holdings Ltd FRN Perpetual 4,300,000 USD 4,153,981 4,192,500 0.14Agile Property Holdings Ltd 6.5% 28/2/2017 10,000,000 CNY 1,569,954 1,505,835 0.05Agile Property Holdings Ltd 8.375% 18/2/2019 3,000,000 USD 2,995,608 3,201,400 0.10Agile Property Holdings Ltd 9% 21/5/2020 3,600,000 USD 3,586,249 3,978,000 0.13

52




% net assets



Agile Property Holdings Ltd 9.875% 20/3/2017 3,400,000 USD 3,399,526 3,544,500 0.12Alibaba Group Holding Ltd 2.5% 28/11/2019 8,000,000 USD 8,008,873 8,068,898 0.26Alibaba Group Holding Ltd 3.125% 28/11/2021 12,000,000 USD 12,119,782 12,299,999 0.40Alibaba Group Holding Ltd 3.6% 28/11/2024 12,000,000 USD 11,761,025 12,299,999 0.40Alibaba Group Holding Ltd 4.5% 28/11/2034 2,400,000 USD 2,406,670 2,514,000 0.08Amber Circle Funding Ltd 2% 4/12/2017 'REGS' 1,300,000 USD 1,298,285 1,307,258 0.04Amber Circle Funding Ltd 3.25% 4/12/2022 'REGS' 7,300,000 USD 7,209,997 7,625,367 0.25Avi Funding Co Ltd 2.85% 16/9/2020 'REGS' 5,000,000 USD 5,048,405 5,124,699 0.17Avi Funding Co Ltd 3.8% 16/9/2025 'REGS' 5,000,000 USD 4,986,095 5,330,560 0.17Azure Orbit III International Finance Ltd 2.125% 21/3/2019 9,900,000 USD 9,946,439 9,948,370 0.32Azure Orbit International Finance Ltd 3.75% 6/3/2023 'REGS' 4,100,000 USD 4,052,211 4,268,742 0.14Baidu Inc 2.75% 9/6/2019 3,000,000 USD 3,001,906 3,042,645 0.10Baidu Inc 3% 30/6/2020 10,000,000 USD 10,087,843 10,200,000 0.33Baidu Inc 3.25% 6/8/2018 5,000,000 USD 5,106,210 5,126,995 0.17Baidu Inc 3.5% 28/11/2022 4,300,000 USD 4,332,214 4,407,500 0.14Baidu Inc 4.125% 30/6/2025 2,000,000 USD 1,985,055 2,094,420 0.07CCBL Cayman 1 Corp Ltd 2.375% 31/5/2019 'EMTN' 3,900,000 USD 3,871,416 3,897,384 0.13CCBL Cayman 1 Corp Ltd 2.75% 31/5/2021 'EMTN' 10,000,000 USD 9,850,611 9,984,605 0.32CDBL Funding 1 3.25% 2/12/2019 5,000,000 USD 4,981,908 5,089,112 0.17CDBL Funding 1 4.25% 2/12/2024 5,000,000 USD 4,961,810 5,240,318 0.17Central China Real Estate Ltd 6.5% 4/6/2018 'EMTN' 3,000,000 USD 2,946,597 3,040,329 0.10Central China Real Estate Ltd 8% 28/1/2020 'REGS' 1,800,000 USD 1,800,000 1,854,000 0.06Central China Real Estate Ltd 8.75% 23/1/2021 2,000,000 USD 1,908,502 2,095,000 0.07Champion MTN Ltd 3.75% 17/1/2023 'EMTN' 3,300,000 USD 3,040,884 3,389,414 0.11China Merchants Land Ltd 4.021% 11/12/2018 2,300,000 USD 2,300,000 2,393,197 0.08China Overseas Finance Cayman II Ltd 5.5% 10/11/2020 6,000,000 USD 5,954,032 6,721,680 0.22China Overseas Finance Cayman III Ltd 5.375% 29/10/2023 1,100,000 USD 1,096,739 1,238,676 0.04China Overseas Finance Cayman III Ltd 6.375% 29/10/2043 7,720,000 USD 7,527,111 9,156,499 0.30China Overseas Finance Cayman IV Ltd 4.875% 15/2/2017 4,000,000 USD 4,001,143 4,073,147 0.13China Overseas Finance Cayman V Ltd 3.95% 15/11/2022 8,300,000 USD 8,161,921 8,668,356 0.28China Overseas Finance Cayman V Ltd 5.35% 15/11/2042 4,500,000 USD 4,454,702 4,693,500 0.15China Overseas Finance Cayman VI Ltd 4.25% 8/5/2019 2,000,000 USD 2,048,913 2,114,090 0.07China Overseas Finance Cayman VI Ltd 5.95% 8/5/2024 1,500,000 USD 1,536,575 1,754,543 0.06China Overseas Finance Cayman VI Ltd 6.45% 11/6/2034 2,500,000 USD 2,569,396 2,897,263 0.09China Resources Land Ltd 4.375% 27/2/2019 'EMTN' 4,000,000 USD 3,995,181 4,218,940 0.14China SCE Property Holdings Ltd 10% 2/7/2020 4,100,000 USD 4,068,618 4,547,613 0.15China State Construction Finance Cayman I Ltd 3.125% 2/4/2018 1,000,000 USD 998,398 1,012,294 0.03CIFI Holdings Group Co Ltd 7.75% 5/6/2020 3,800,000 USD 3,709,143 4,075,500 0.13CIFI Holdings Group Co Ltd 8.875% 27/1/2019 3,300,000 USD 3,255,912 3,514,500 0.11Country Garden Holdings Co Ltd 7.25% 4/4/2021 'REGS' 3,300,000 USD 3,282,577 3,506,250 0.11Country Garden Holdings Co Ltd 7.5% 9/3/2020 2,600,000 USD 2,600,000 2,791,750 0.09Country Garden Holdings Co Ltd 7.5% 10/1/2023 'REGS' 4,500,000 USD 4,444,111 4,848,098 0.16Dynamic Talent Ltd 4.75% 1/8/2017 'REGS' 5,000,000 USD 5,086,146 5,110,255 0.17Fantasia Holdings Group Co Ltd 10.625% 23/1/2019 1,800,000 USD 1,800,000 1,903,500 0.06Fantasia Holdings Group Co Ltd 10.75% 22/1/2020 'REGS' 2,500,000 USD 2,426,781 2,640,625 0.09Fantasia Holdings Group Co Ltd 13.75% 27/9/2017 1,000,000 USD 1,022,418 1,082,500 0.04Formosa Group Cayman Ltd 3.375% 22/4/2025 9,000,000 USD 8,711,867 9,083,456 0.30Future Land Development Holdings Ltd 6.25% 12/11/2017 1,400,000 USD 1,391,217 1,424,500 0.05Golden Eagle Retail Group Ltd 4.625% 21/5/2023 'REGS' 2,600,000 USD 2,470,807 2,168,647 0.07Greenland Hong Kong Holdings Ltd 4.75% 18/10/2016 2,200,000 USD 2,199,241 2,200,000 0.07Greentown China Holdings Ltd 5.875% 11/8/2020 7,786,000 USD 7,655,686 8,251,785 0.27Greentown China Holdings Ltd 8% 24/3/2019 'EMTN' 1,400,000 USD 1,400,000 1,498,000 0.05Hongkong Land Finance Cayman Islands Co Ltd 4.625% 16/1/2024 'EMTN' 2,800,000 USD 2,808,231 3,154,886 0.10Hutchison Whampoa Finance CI Ltd 7.45% 1/8/2017 'REGS' 3,000,000 USD 3,038,003 3,190,328 0.10Hutchison Whampoa Finance CI Ltd 7.5% 1/8/2027 'REGS' 2,000,000 USD 2,400,508 2,769,210 0.09Hutchison Whampoa International 09/19 Ltd 5.75% 11/9/2019 'REGS' 3,500,000 USD 3,556,615 3,916,330 0.13Hutchison Whampoa International 11 Ltd 4.625% 13/1/2022 'REGS' 7,000,000 USD 7,009,448 7,830,015 0.25Hutchison Whampoa International 14 Ltd 3.625% 31/10/2024 'REGS' 10,000,000 USD 9,932,375 10,583,255 0.34KWG Property Holding Ltd 8.625% 5/2/2020 'REGS' 2,000,000 USD 1,995,851 2,133,647 0.07KWG Property Holding Ltd 8.975% 14/1/2019 'REGS' 2,800,000 USD 2,754,888 2,982,000 0.10

53




% net assets



KWG Property Holding Ltd 13.25% 22/3/2017 1,700,000 USD 1,697,812 1,810,500 0.06Link Finance Cayman 2009 Ltd 3.6% 3/9/2024 'EMTN' 5,400,000 USD 5,378,769 5,659,771 0.18Logan Property Holdings Co Ltd 9.75% 8/12/2017 2,000,000 USD 1,986,281 2,135,045 0.07Logan Property Holdings Co Ltd 11.25% 4/6/2019 'REGS' 2,000,000 USD 1,992,503 2,217,510 0.07MCE Finance Ltd 5% 15/2/2021 'REGS' 3,200,000 USD 3,138,506 3,168,000 0.10MIE Holdings Corp 6.875% 6/2/2018 'EMTN' 2,000,000 USD 1,843,725 1,560,000 0.05MIE Holdings Corp 7.5% 25/4/2019 'REGS' 4,700,000 USD 4,285,421 3,129,698 0.10Mizuho Financial Group Cayman 2 Ltd 4.2% 18/7/2022 'REGS' 2,900,000 USD 2,894,199 3,053,758 0.10Mizuho Financial Group Cayman 3 Ltd 4.6% 27/3/2024 'REGS' 2,300,000 USD 2,295,626 2,505,264 0.08Moon Wise Global Ltd FRN Perpetual 3,000,000 USD 3,233,258 3,272,010 0.11New World China Land Ltd 5.375% 6/11/2019 'EMTN' 2,000,000 USD 1,995,663 2,120,000 0.07Parkson Retail Group Ltd 4.5% 3/5/2018 2,000,000 USD 1,945,205 1,850,000 0.06Shimao Property Holdings Ltd 6.625% 14/1/2020 5,600,000 USD 5,591,409 5,873,588 0.19Shimao Property Holdings Ltd 8.375% 10/2/2022 2,500,000 USD 2,500,000 2,818,750 0.09Shui On Development Holding Ltd FRN Perpetual 'REGS' 3,600,000 USD 3,560,006 3,833,295 0.12Shui On Development Holding Ltd 8.7% 24/11/2017 1,000,000 USD 1,000,000 1,055,000 0.03Shui On Development Holding Ltd 8.7% 19/5/2018 2,000,000 USD 2,007,950 2,134,470 0.07Sino MTN Ltd 3.25% 21/9/2017 'EMTN' 4,700,000 USD 4,698,339 4,772,767 0.16Sun Hung Kai Properties Capital Market Ltd 3.5% 2/11/2016 'REGS' 5,500,000 USD 5,499,487 5,541,769 0.18Sun Hung Kai Properties Capital Market Ltd 4% 2/11/2020 2,000,000 USD 1,988,636 2,167,990 0.07Sunac China Holdings Ltd 8.75% 5/12/2019 2,000,000 USD 1,942,728 2,185,000 0.07Sunac China Holdings Ltd 9.375% 5/4/2018 2,880,000 USD 2,862,638 3,025,207 0.10Swire Pacific MTN Financing Ltd 4.5% 9/10/2023 'EMTN' 2,000,000 USD 2,020,306 2,234,830 0.07Swire Pacific MTN Financing Ltd 6.25% 18/4/2018 'EMTN' 2,000,000 USD 1,996,766 2,157,569 0.07Tencent Holdings Ltd 2.875% 11/2/2020 'REGS' 13,000,000 USD 13,074,286 13,272,990 0.43Tencent Holdings Ltd 3.375% 5/3/2018 'REGS' 2,000,000 USD 2,010,620 2,050,423 0.07Tencent Holdings Ltd 3.8% 11/2/2025 'REGS' 6,000,000 USD 5,949,732 6,300,000 0.20Three Gorges Finance I Cayman Islands Ltd 3.15% 2/6/2026 'REGS' 8,000,000 USD 7,984,470 8,217,906 0.27Yuzhou Properties Co Ltd 8.625% 24/1/2019 1,000,000 USD 979,468 1,062,064 0.03Yuzhou Properties Co Ltd 8.75% 4/10/2018 1,700,000 USD 1,709,734 1,792,214 0.06Yuzhou Properties Co Ltd 9% 8/12/2019 2,000,000 USD 1,901,419 2,180,000 0.07

376,047,572 393,978,072 12.80

China Agricultural Bank of China Ltd/New York 1.875% 16/5/2019 'EMTN' 8,000,000 USD 7,985,692 7,992,459 0.26Agricultural Bank of China Ltd/New York 2.75% 21/5/2020 3,000,000 USD 2,997,137 3,066,148 0.10Bank of China Ltd 5% 13/11/2024 'REGS' 18,500,000 USD 19,123,815 19,663,248 0.64Bank of China Ltd/Hong Kong 1.875% 1/3/2019 'EMTN' 7,000,000 USD 6,998,159 6,997,469 0.23Bank of China Ltd/Hong Kong 2.125% 30/6/2018 'EMTN' 4,000,000 USD 3,998,136 4,030,817 0.13Bank of China Ltd/Hong Kong 2.375% 1/3/2021 'EMTN' 8,000,000 USD 8,009,345 8,007,430 0.26Bank of Communications Co Ltd FRN 3/10/2024 8,000,000 USD 8,084,504 8,255,704 0.27China Construction Bank Corp FRN 13/5/2025 18,200,000 USD 18,148,507 18,447,820 0.60China Construction Bank Corp FRN 12/11/2024 1,000,000 CNY 163,338 150,055 0.00China Development Bank Corp 2.125% 1/6/2021 'EMTN' 8,000,000 USD 7,971,891 8,037,679 0.26China Development Bank Corp 3% 1/6/2026 'EMTN' 8,000,000 USD 7,964,731 8,087,252 0.26China Life Insurance Co Ltd FRN 3/7/2075 13,000,000 USD 12,739,853 12,983,750 0.42Export-Import Bank of China 2% 26/4/2021 3,600,000 USD 3,582,827 3,596,102 0.12Export-Import Bank of China 2.875% 26/4/2026 6,700,000 USD 6,631,720 6,701,253 0.22Future Land Development Holdings Ltd 10.25% 21/7/2019 4,500,000 USD 4,443,519 4,961,495 0.16Industrial & Commercial Bank of China Ltd FRN Perpetual 'REGS' 2,200,000 USD 2,200,000 2,299,000 0.07Industrial & Commercial Bank of China Ltd 4.875% 21/9/2025 'REGS' 5,000,000 USD 4,962,632 5,273,801 0.17Industrial & Commercial Bank of China Ltd/Dubai 2.625% 26/5/2020 'EMTN' 5,000,000 USD 4,959,376 5,059,449 0.16Industrial & Commercial Bank of China Ltd/Hong Kong 1.875% 23/5/2019 'EMTN' 11,300,000 USD 11,258,158 11,286,135 0.37Industrial & Commercial Bank of China Ltd/New York 2.635% 26/5/2021 'MTN' 8,000,000 USD 8,000,000 8,062,725 0.26Industrial & Commercial Bank of China Ltd/Singapore 2% 10/5/2019 'EMTN' 6,000,000 USD 5,997,806 6,013,400 0.20Industrial & Commercial Bank of China Ltd/Singapore 2.75% 12/9/2017 'EMTN' 1,000,000 USD 999,581 1,012,280 0.03

54




% net assets



Industrial & Commercial Bank of China Macau Ltd FRN 10/9/2024 2,000,000 USD 1,999,790 2,035,673 0.07KWG Property Holding Ltd 8.25% 5/8/2019 3,000,000 USD 2,877,417 3,241,440 0.11Sunshine Life Insurance Co Ltd 2.5% 20/4/2019 5,000,000 USD 4,959,251 4,964,046 0.16Sunshine Life Insurance Co Ltd 3.15% 20/4/2021 3,000,000 USD 2,961,548 2,992,834 0.10Sunshine Life Insurance Co Ltd 4.5% 20/4/2026 3,300,000 USD 3,272,791 3,359,367 0.11Yingde Gases Investment Ltd 7.25% 28/2/2020 'REGS' 1,000,000 USD 922,577 723,750 0.02

174,214,101 177,302,581 5.76

Hong Kong AIA Group Ltd 3.125% 13/3/2023 'EMTN' 4,000,000 USD 3,886,754 4,132,374 0.13AIA Group Ltd 3.2% 11/3/2025 'REGS' 3,000,000 USD 3,032,163 3,068,564 0.10AIA Group Ltd 4.5% 16/3/2046 'REGS' 1,500,000 USD 1,481,202 1,621,875 0.05AIA Group Ltd 4.875% 11/3/2044 'REGS' 5,000,000 USD 5,444,160 5,718,750 0.19Anhui Transportation Holding Group HK Ltd 2.875% 11/6/2018 1,100,000 USD 1,097,772 1,101,557 0.04Bank of China Hong Kong Ltd 5.55% 11/2/2020 'REGS' 10,200,000 USD 10,517,413 11,226,834 0.36Bank of East Asia Ltd FRN 20/11/2024 'EMTN' 10,200,000 USD 10,214,635 10,311,917 0.34Bank of East Asia Ltd FRN Perpetual 'EMTN' 9,700,000 USD 9,551,120 9,424,229 0.31Bao-trans Enterprises Ltd 3.75% 12/12/2018 'REGS' 4,000,000 USD 4,016,007 4,093,702 0.13BCEG HongKong Co Ltd 3.85% 10/6/2018 7,400,000 USD 7,415,079 7,454,867 0.24Beijing Capital Hong Kong Ltd 4.7% 20/6/2017 12,000,000 CNY 1,932,152 1,799,059 0.06Beijing State-Owned Assets Management Hong Kong 3% 26/5/2020 12,000,000 USD 11,871,989 12,121,535 0.39CGNPC International Ltd 4% 19/5/2025 5,000,000 USD 5,025,266 5,268,750 0.17China CITIC Bank International Ltd FRN 28/9/2022 'EMTN' 10,600,000 USD 10,524,259 10,730,282 0.35China CITIC Bank International Ltd FRN 7/5/2024 'EMTN' 2,200,000 USD 2,257,661 2,321,000 0.08China CITIC Bank International Ltd FRN Perpetual 'EMTN' 1,000,000 USD 1,000,000 1,050,000 0.03China CITIC Bank International Ltd 6.875% 24/6/2020 1,800,000 USD 1,904,963 2,028,736 0.07China Construction Bank Asia Corp Ltd FRN 20/8/2024 'EMTN' 3,800,000 USD 3,786,934 3,889,353 0.13China Uranium Development Co Ltd 3.5% 8/10/2018 2,000,000 USD 1,994,136 2,056,989 0.07Chong Hing Bank Ltd FRN Perpetual 4,600,000 USD 4,586,495 4,761,000 0.15Chong Hing Bank Ltd 6% 4/11/2020 3,100,000 USD 3,121,110 3,425,340 0.11CITIC Ltd FRN Perpetual 'REGS' 1,400,000 USD 1,406,398 1,571,500 0.05CITIC Ltd 2.8% 14/12/2021 'EMTN' 5,000,000 USD 4,998,764 5,006,700 0.16CITIC Ltd 3.7% 14/6/2026 'EMTN' 10,000,000 USD 9,978,629 10,064,400 0.33CITIC Ltd 6.375% 10/4/2020 'EMTN' 2,800,000 USD 2,800,000 3,186,938 0.10CITIC Ltd 6.625% 15/4/2021 'EMTN' 3,000,000 USD 2,974,163 3,513,545 0.11CITIC Ltd 6.8% 17/1/2023 'EMTN' 6,000,000 USD 6,371,672 7,231,884 0.23CITIC Ltd 6.875% 21/1/2018 'EMTN' 6,200,000 USD 6,201,353 6,649,597 0.22CRCC Yupeng Ltd FRN Perpetual 3,900,000 USD 3,970,226 4,005,690 0.13CRCC Yuxiang Ltd 3.5% 16/5/2023 'REGS' 8,000,000 USD 7,900,366 8,210,000 0.27Dah Sing Bank Ltd FRN 29/1/2024 'EMTN' 3,000,000 USD 3,100,066 3,131,581 0.10Hero Asia Investment Ltd 2.875% 3/10/2017 4,400,000 USD 4,386,953 4,452,513 0.14HKCG Finance Ltd 6.25% 7/8/2018 'REGS' 2,000,000 USD 2,002,323 2,179,285 0.07ICBCIL Finance Co Ltd 2.375% 19/5/2019 'REGS' 6,400,000 USD 6,384,840 6,395,738 0.21ICBCIL Finance Co Ltd 2.625% 19/3/2018 13,000,000 USD 13,035,139 13,085,522 0.42ICBCIL Finance Co Ltd 2.75% 19/5/2021 'REGS' 7,000,000 USD 6,945,105 6,989,267 0.23ICBCIL Finance Co Ltd 3.2% 10/11/2020 'REGS' 5,000,000 USD 5,087,369 5,090,712 0.17ICBCIL Finance Co Ltd 3.25% 17/3/2020 5,000,000 USD 5,031,168 5,095,470 0.17ICBCIL Finance Co Ltd 3.625% 19/5/2026 'REGS' 7,500,000 USD 7,416,664 7,519,862 0.24OCBC Wing Hang Bank Ltd FRN Perpetual 'EMTN' 5,300,000 USD 5,131,930 5,432,500 0.18Swire Properties MTN Financing Ltd 3.625% 13/1/2026 'EMTN' 3,800,000 USD 3,787,984 4,023,716 0.13Weichai International Hong Kong Energy Group Co Ltd 4.125% 30/9/2020 3,000,000 USD 2,991,925 3,073,868 0.10Wharf Finance Ltd 6.125% 6/11/2017 'EMTN' 2,800,000 USD 2,812,160 2,965,653 0.10Wheelock Finance Ltd 2.75% 2/7/2017 5,000,000 USD 5,032,451 5,053,940 0.16Wheelock Finance Ltd 3% 19/3/2018 'EMTN' 12,300,000 USD 12,372,156 12,526,075 0.40Wheelock Finance Ltd 4.75% 23/2/2017 'EMTN' 3,600,000 USD 3,601,624 3,671,139 0.12Wing Lung Bank Ltd FRN 7/11/2022 'EMTN' 5,200,000 USD 5,112,217 5,216,829 0.17Yancoal International Resources Development Co Ltd 4.461% 16/5/2017 'REGS' 859,000 USD 859,000 855,345 0.03Yuexiu Property Co Ltd 3.25% 24/1/2018 2,000,000 USD 1,954,370 2,014,209 0.07Yuexiu Property Co Ltd 4.5% 24/1/2023 5,000,000 USD 4,742,750 4,950,000 0.16

253,051,035 260,770,191 8.47

55




% net assets



India ABJA Investment Co Pte Ltd 5.95% 31/7/2024 6,300,000 USD 6,066,790 5,954,918 0.19Axis Bank Ltd/Dubai 2.875% 1/6/2021 'REGS' 3,000,000 USD 2,971,876 3,002,889 0.10Axis Bank Ltd/Dubai 3.25% 21/5/2020 'REGS' 4,000,000 USD 3,990,273 4,087,236 0.13Axis Bank Ltd/Dubai 5.125% 5/9/2017 'REGS' 5,000,000 USD 5,025,715 5,181,754 0.17Bank of Baroda/London FRN 25/5/2022 'EMTN' 2,800,000 USD 2,827,124 2,864,568 0.09Bank of India/Jersey 3.125% 6/5/2020 2,000,000 USD 1,968,474 1,980,780 0.06Bank of India/London FRN 22/9/2021 'EMTN' 2,000,000 USD 2,017,352 1,990,000 0.06Bharti Airtel Ltd 4.375% 10/6/2025 'REGS' 16,000,000 USD 16,011,201 16,679,999 0.55Canara Bank/London 5.25% 18/10/2018 'EMTN' 2,000,000 USD 1,997,889 2,116,876 0.07Export-Import Bank of India 2.75% 1/4/2020 'EMTN' 2,500,000 USD 2,486,189 2,512,914 0.08Export-Import Bank of India 3.125% 20/7/2021 'EMTN' 3,000,000 USD 3,000,000 3,049,275 0.10Export-Import Bank of India 3.875% 2/10/2019 'EMTN' 1,600,000 USD 1,596,027 1,674,224 0.05Export-Import Bank of India 4% 14/1/2023 'EMTN' 1,800,000 USD 1,788,630 1,886,072 0.06Export-Import Bank of India 8.15% 5/3/2025 300,000,000 INR 4,634,733 4,426,246 0.14ICICI Bank Ltd FRN 30/4/2022 'REGS' 4,000,000 USD 3,761,957 4,059,320 0.13ICICI Bank Ltd FRN Perpetual 'REGS' 3,000,000 USD 2,916,325 3,000,000 0.10ICICI Bank Ltd/Dubai 3.125% 12/8/2020 'GMTN' 3,000,000 USD 3,009,939 3,038,248 0.10ICICI Bank Ltd/Dubai 4% 18/3/2026 'REGS' 3,000,000 USD 3,023,960 3,045,115 0.10ICICI Bank Ltd/Dubai 4.7% 21/2/2018 'REGS' 3,800,000 USD 3,812,510 3,955,411 0.13ICICI Bank Ltd/Dubai 4.75% 25/11/2016 'REGS' 8,000,000 USD 7,989,759 8,105,890 0.26ICICI Bank Ltd/Dubai 4.8% 22/5/2019 'REGS' 2,500,000 USD 2,494,863 2,663,754 0.09IDBI Bank Ltd/DIFC Dubai 3.75% 25/1/2019 'EMTN' 3,200,000 USD 3,196,991 3,246,850 0.11IDBI Bank Ltd/DIFC Dubai 4.375% 26/3/2018 'EMTN' 2,600,000 USD 2,598,811 2,661,825 0.09India Government Bond 7.28% 3/6/2019 400,000,000 INR 6,445,096 5,947,031 0.19India Government Bond 8.07% 3/7/2017 150,000,000 INR 2,769,281 2,245,079 0.07India Government Bond 8.79% 8/11/2021 250,000,000 INR 4,041,385 3,934,719 0.13Indian Oil Corp Ltd 5.75% 1/8/2023 'EMTN' 2,200,000 USD 2,200,000 2,483,800 0.08Indian Railway Finance Corp Ltd 3.417% 10/10/2017 1,800,000 USD 1,800,000 1,836,207 0.06JSW Steel Ltd 4.75% 12/11/2019 1,700,000 USD 1,503,902 1,555,500 0.05NTPC Ltd 5.625% 14/7/2021 'EMTN' 3,000,000 USD 3,001,516 3,401,250 0.11Oil India Ltd 5.375% 17/4/2024 1,900,000 USD 1,893,008 2,092,375 0.07ONGC Videsh Ltd 3.25% 15/7/2019 'REGS' 3,000,000 USD 2,991,755 3,082,500 0.10ONGC Videsh Ltd 3.75% 7/5/2023 'REGS' 3,300,000 USD 3,178,373 3,370,125 0.11ONGC Videsh Ltd 4.625% 15/7/2024 'REGS' 5,000,000 USD 5,004,803 5,329,275 0.17Power Finance Corp Ltd 8.55% 9/12/2021 250,000,000 INR 3,931,014 3,764,092 0.12Power Finance Corp Ltd 8.65% 28/11/2019 250,000,000 INR 3,865,724 3,777,945 0.12Power Grid Corp of India Ltd 3.875% 17/1/2023 'REGS' 1,200,000 USD 1,191,783 1,241,695 0.04Power Grid Corp of India Ltd 8.2% 23/1/2020 450,000,000 INR 7,021,128 6,735,762 0.22Reliance Industries Ltd 4.125% 28/1/2025 'REGS' 16,000,000 USD 15,819,614 16,517,119 0.55Reliance Industries Ltd 4.875% 10/2/2045 'REGS' 2,800,000 USD 2,649,821 2,775,492 0.09Rural Electrification Corp Ltd 8.3% 10/4/2025 100,000,000 INR 1,554,773 1,485,126 0.05Rural Electrification Corp Ltd 8.56% 13/11/2019 250,000,000 INR 3,933,136 3,773,722 0.12State Bank of India FRN Perpetual 'EMTN' 4,000,000 USD 3,991,465 4,045,000 0.13State Bank of India/London 3.25% 18/4/2018 'REGS' 3,500,000 USD 3,498,794 3,570,101 0.12Tata Motors Ltd 4.625% 30/4/2020 2,000,000 USD 2,000,000 2,045,000 0.07Tata Motors Ltd 5.75% 30/10/2024 1,300,000 USD 1,300,000 1,371,500 0.04

174,773,759 177,564,579 5.77

Indonesia Alam Synergy Pte Ltd 9% 29/1/2019 'REGS' 2,000,000 USD 1,900,106 2,078,265 0.07Bank Rakyat Indonesia Persero Tbk PT 2.95% 28/3/2018 'REGS' 2,400,000 USD 2,393,290 2,398,881 0.08Indonesia Government International Bond 3.375% 15/4/2023 'REGS' 5,000,000 USD 4,554,404 5,028,950 0.16Indonesia Government International Bond 3.75% 25/4/2022 'REGS' 10,300,000 USD 10,221,482 10,648,346 0.35Indonesia Government International Bond 4.125% 15/1/2025 'REGS' 10,000,000 USD 9,900,657 10,400,000 0.34Indonesia Government International Bond 4.625% 15/4/2043 'REGS' 7,000,000 USD 6,020,217 7,059,220 0.23Indonesia Government International Bond 4.75% 8/1/2026 'REGS' 3,000,000 USD 2,989,954 3,259,500 0.11

56




% net assets



Indonesia Government International Bond 4.875% 5/5/2021 'REGS' 1,500,000 USD 1,520,049 1,627,815 0.05Indonesia Government International Bond 5.125% 15/1/2045 'REGS' 14,000,000 USD 13,836,956 14,877,800 0.48Indonesia Government International Bond 5.25% 17/1/2042 'REGS' 12,700,000 USD 12,921,488 13,515,340 0.44Indonesia Government International Bond 5.375% 17/10/2023 'REGS' 3,000,000 USD 2,977,554 3,370,770 0.11Indonesia Government International Bond 5.875% 13/3/2020 'REGS' 6,750,000 USD 7,030,047 7,510,995 0.24Indonesia Government International Bond 5.95% 8/1/2046 'REGS' 3,000,000 USD 2,955,646 3,537,240 0.11Indonesia Government International Bond 6.625% 17/2/2037 'REGS' 6,000,000 USD 6,333,232 7,418,940 0.24Indonesia Government International Bond 6.75% 1 5/1/2044 'REGS' 5,500,000 USD 6,056,082 6,990,308 0.23Indonesia Government International Bond 6.875% 9/3/2017 'REGS' 5,600,000 USD 5,642,247 5,801,040 0.19Indonesia Government International Bond 6.875% 17/1/2018 'REGS' 9,000,000 USD 9,067,170 9,664,830 0.31Indonesia Government International Bond 7.75% 17/1/2038 'REGS' 12,625,000 USD 15,004,661 17,142,099 0.55Indonesia Government International Bond 8.5% 12/10/2035 'REGS' 8,000,000 USD 9,606,731 11,433,840 0.37Indonesia Government International Bond 11.625% 4/3/2019 'REGS' 3,370,000 USD 3,588,656 4,163,365 0.14Indosat Tbk PT 10% 12/12/2017 30,000,000,000 IDR 2,340,331 2,322,800 0.08Jababeka International BV 7.5% 24/9/2019 'REGS' 3,261,000 USD 3,298,608 3,415,898 0.11Lembaga Pembiayaan Ekspor Indonesia 3.75% 26/4/2017 'EMTN' 1,800,000 USD 1,798,130 1,827,522 0.06Pelabuhan Indonesia II PT 4.25% 5/5/2025 'REGS' 8,000,000 USD 7,742,547 7,988,240 0.26Pelabuhan Indonesia II PT 5.375% 5/5/2045 'REGS' 4,800,000 USD 4,439,137 4,525,680 0.15Pelabuhan Indonesia III PT 4.875% 1/10/2024 'REGS' 5,000,000 USD 4,975,281 5,267,000 0.17Pertamina Persero PT 4.3% 20/5/2023 'REGS' 7,000,000 USD 6,650,243 7,141,680 0.23Pertamina Persero PT 4.875% 3/5/2022 'REGS' 5,100,000 USD 5,036,618 5,366,781 0.17Pertamina Persero PT 5.25% 23/5/2021 'REGS' 3,800,000 USD 3,774,274 4,074,930 0.13Pertamina Persero PT 5.625% 20/5/2043 'REGS' 11,200,000 USD 10,094,553 10,861,143 0.34Pertamina Persero PT 6% 3/5/2042 'REGS' 9,300,000 USD 8,743,045 9,401,231 0.31Pertamina Persero PT 6.45% 30/5/2044 'REGS' 5,500,000 USD 5,433,999 5,846,115 0.19Pertamina Persero PT 6.5% 27/5/2041 'REGS' 2,000,000 USD 1,980,691 2,129,700 0.07Perusahaan Gas Negara Persero Tbk 5.125% 16/5/2024 'REGS' 5,000,000 USD 5,008,488 5,274,650 0.17Perusahaan Listrik Negara PT 5.25% 24/10/2042 'REGS' 4,700,000 USD 4,666,783 4,510,167 0.15Perusahaan Listrik Negara PT 5.5% 22/11/2021 'REGS' 4,400,000 USD 4,439,075 4,787,288 0.16Perusahaan Penerbit SBSN Indonesia III 4.55% 29/3/2026 'REGS' 6,100,000 USD 6,170,086 6,392,251 0.21

221,112,518 239,060,620 7.76

Japan Bank of Tokyo-Mitsubishi UFJ Ltd/Hong Kong 1.64% 2/7/2018 'FXCD' 15,000,000 HKD 1,934,844 1,939,391 0.06Dai-ichi Life Insurance Co Ltd FRN Perpetual 'REGS' 900,000 USD 900,000 983,250 0.03Fukoku Mutual Life Insurance Co FRN Perpetual 4,600,000 USD 4,597,047 4,852,080 0.16Meiji Yasuda Life Insurance Co FRN 20/10/2045 'REGS' 1,950,000 USD 1,950,000 2,106,039 0.07Mitsubishi UFJ Lease & Finance Co Ltd 2.75% 21/10/2020 'EMTN' 3,000,000 USD 2,999,047 3,078,360 0.10Mizuho Financial Group Inc 2.632% 12/4/2021 'REGS' 7,500,000 USD 7,506,727 7,631,025 0.25Mizuho Financial Group Inc 3.477% 12/4/2026 'REGS' 8,800,000 USD 8,865,550 9,304,153 0.30Mizuho Financial Group Inc 4.353% 20/10/2025 'REGS' 4,300,000 USD 4,300,000 4,566,772 0.15Sumitomo Mitsui Banking Corp/Hong Kong 1.1% 26/6/2017 'FXCD' 50,000,000 HKD 6,444,811 6,432,610 0.21Sumitomo Mitsui Financial Group Inc 3.784% 9/3/2026 6,000,000 USD 6,120,976 6,570,174 0.21

45,619,002 47,463,854 1.54

Luxembourg Doosan Power System SA FRN 3/12/2045 5,000,000 USD 4,987,495 5,038,666 0.16

57




% net assets



Malaysia Danga Capital Bhd 3.035% 1/3/2021 'EMTN' 5,000,000 USD 5,000,000 5,074,138 0.16Export-Import Bank of Malaysia Bhd 2.875% 14/12/2017 'EMTN' 3,000,000 USD 3,009,750 3,056,025 0.10Hong Leong Bank Bhd 3.125% 19/4/2017 'EMTN' 2,000,000 USD 1,997,889 2,023,806 0.07IOI Investment L Bhd 4.375% 27/6/2022 'EMTN' 2,000,000 USD 1,991,478 2,074,672 0.07Malayan Banking Bhd FRN 20/9/2022 'EMTN' 8,900,000 USD 8,873,026 9,005,454 0.29Malayan Banking Bhd FRN 29/10/2026 7,500,000 USD 7,500,000 7,692,260 0.25Petronas Capital Ltd 3.125% 18/3/2022 'REGS' 5,000,000 USD 4,990,432 5,177,476 0.17Petronas Capital Ltd 3.5% 18/3/2025 'REGS' 6,000,000 USD 5,910,933 6,283,115 0.20Petronas Capital Ltd 4.5% 18/3/2045 'REGS' 9,000,000 USD 8,772,513 9,877,500 0.32Petronas Capital Ltd 5.25% 12/8/2019 'REGS' 13,000,000 USD 13,213,015 14,318,980 0.47Petronas Capital Ltd 7.875% 22/5/2022 'REGS' 5,696,000 USD 6,514,007 7,340,406 0.24

67,773,043 71,923,832 2.34

Mongolia Development Bank of Mongolia LLC 5.75% 21/3/2017 'EMTN' 3,500,000 USD 3,496,728 3,504,375 0.11Mongolia Government International Bond 4.125% 5/1/2018 'REGS' 2,800,000 USD 2,721,927 2,716,000 0.09Mongolia Government International Bond 5.125% 5/12/2022 'REGS' 6,500,000 USD 5,978,567 5,354,375 0.18Trade & Development Bank of Mongolia LLC 9.375% 19/5/2020 'REGS' 5,650,000 USD 5,785,692 5,558,188 0.18

17,982,914 17,132,938 0.56

Netherlands Bharti Airtel International Netherlands BV 5.125% 11/3/2023 'REGS' 8,300,000 USD 8,149,498 8,946,839 0.29Bharti Airtel International Netherlands BV 5.35% 20/5/2024 'REGS' 4,000,000 USD 4,214,834 4,405,520 0.14Indo Energy Finance BV 7% 7/5/2018 'REGS' 3,000,000 USD 2,961,757 2,370,768 0.08Indo Energy Finance II BV 6.375% 24/1/2023 'REGS' 4,700,000 USD 3,861,953 2,603,722 0.08Majapahit Holding BV 7.25% 28/6/2017 'REGS' 3,000,000 USD 3,016,830 3,151,200 0.10Majapahit Holding BV 7.75% 20/1/2020 'REGS' 6,000,000 USD 6,284,108 6,855,600 0.22Majapahit Holding BV 7.875% 29/6/2037 'REGS' 3,000,000 USD 3,201,696 3,770,490 0.12Majapahit Holding BV 8% 7/8/2019 'REGS' 2,700,000 USD 2,758,891 3,082,563 0.10Royal Capital B.V. FRN Perpetual 9,400,000 USD 9,216,756 9,587,999 0.32Royal Capital B.V. FRN Perpetual 'REGS' 8,600,000 USD 8,588,726 8,906,504 0.29

52,255,049 53,681,205 1.74

Pakistan Pakistan Government International Bond 6.75% 3/12/2019 'REGS' 4,200,000 USD 4,222,105 4,390,764 0.14Pakistan Government International Bond 6.875% 1/6/2017 'REGS' 3,000,000 USD 3,045,347 3,082,500 0.10Pakistan Government International Bond 8.25% 15/4/2024 'REGS' 6,400,000 USD 6,803,637 6,750,368 0.22Pakistan Government International Bond 8.25% 30/9/2025 'REGS' 2,000,000 USD 2,071,408 2,116,240 0.07

16,142,497 16,339,872 0.53

Philippines Megaworld Corp 4.25% 17/4/2023 2,500,000 USD 2,506,409 2,459,375 0.08Petron Corp FRN Perpetual 'REGS' 8,900,000 USD 9,108,027 9,467,374 0.30Philippine Government International Bond 3.7% 1/3/2041 6,087,000 USD 6,087,000 6,764,179 0.22Philippine Government International Bond 3.9% 26/11/2022 46,000,000 PHP 990,992 976,019 0.03Philippine Government International Bond 3.95% 20/1/2040 12,000,000 USD 12,292,863 13,786,080 0.45Philippine Government International Bond 4% 15/1/2021 6,723,000 USD 6,681,874 7,360,408 0.24Philippine Government International Bond 4.2% 21/1/2024 400,000 USD 400,000 458,372 0.01Philippine Government International Bond 4.95% 15/1/2021 100,000,000 PHP 2,372,226 2,210,531 0.07Philippine Government International Bond 5% 13/1/2037 7,700,000 USD 7,813,038 9,937,466 0.32Philippine Government International Bond 5.5% 30/3/2026 2,000,000 USD 1,995,999 2,532,980 0.08Philippine Government International Bond 6.375% 15/1/2032 7,000,000 USD 7,325,358 9,875,880 0.32Philippine Government International Bond 6.375% 23/10/2034 9,700,000 USD 10,203,212 14,090,414 0.46

58




% net assets



Philippine Government International Bond 7.5% 25/9/2024 2,000,000 USD 2,325,107 2,686,620 0.09Philippine Government International Bond 7.75% 14/1/2031 8,000,000 USD 8,789,270 12,403,920 0.40Philippine Government International Bond 8.375% 17/6/2019 2,710,000 USD 2,826,747 3,231,729 0.10Philippine Government International Bond 9.5% 21/10/2024 2,000,000 USD 2,414,657 3,036,760 0.10Philippine Government International Bond 9.5% 2/2/2030 8,350,000 USD 9,860,568 14,299,374 0.47Philippine Government International Bond 9.875% 15/1/2019 5,000,000 USD 5,483,549 6,012,675 0.20Power Sector Assets & Liabilities Management Corp 7.25% 27/5/2019 'REGS' 5,900,000 USD 6,098,479 6,807,184 0.22Power Sector Assets & Liabilities Management Corp 7.39% 2/12/2024 'REGS' 5,400,000 USD 5,813,921 7,311,654 0.24Rizal Commercial Banking Corp 3.45% 2/2/2021 'EMTN' 3,200,000 USD 3,200,000 3,297,244 0.11Security Bank Corp 3.95% 3/2/2020 1,100,000 USD 1,100,000 1,163,564 0.04SM Investments Corp 4.875% 10/6/2024 6,000,000 USD 5,972,696 6,402,090 0.21SM Investments Corp 5.5% 13/10/2017 1,920,000 USD 1,917,443 2,013,600 0.06SMC Global Power Holdings Corp FRN Perpetual 'REGS' 7,000,000 USD 6,921,883 7,113,750 0.23SMC Global Power Holdings Corp FRN Perpetual 3,200,000 USD 3,052,174 3,340,032 0.11

133,553,492 159,039,274 5.16

Singapore Alam Synergy Pte Ltd 6.95% 27/3/2020 'REGS' 1,400,000 USD 1,387,863 1,364,611 0.04Ascott REIT MTN Pte Ltd 4.205% 23/11/2022 'MTN' 3,000,000 SGD 2,113,871 2,323,898 0.08Ascott Residence Trust FRN Perpetual 4,000,000 SGD 3,137,632 3,044,335 0.10BOC Aviation Ltd 2.875% 10/10/2017 'EMTN' 600,000 USD 598,471 608,025 0.02BOC Aviation Ltd 3% 30/3/2020 'REGS' 3,000,000 USD 2,981,579 3,054,855 0.10BOC Aviation Ltd 3.875% 9/5/2019 5,000,000 USD 5,074,545 5,208,683 0.17CapitaLand Treasury Ltd 4.076% 20/9/2022 'EMTN' 4,000,000 USD 3,980,515 4,276,282 0.14DBS Bank Ltd FRN 21/9/2022 'REGS' 2,000,000 USD 1,986,004 2,041,977 0.07DBS Group Holdings Ltd FRN 19/4/2026 'GMTN' 80,000,000 HKD 10,315,777 10,790,804 0.35Global Logistic Properties Ltd 3.875% 4/6/2025 'EMTN' 11,000,000 USD 10,892,266 11,226,530 0.37Global Prime Capital Pte Ltd 6.75% 27/4/2020 2,500,000 USD 2,500,000 2,593,750 0.08Golden Legacy Pte Ltd 8.25% 7/6/2021 'REGS' 3,400,000 USD 3,400,000 3,459,500 0.11Keppel REIT FRN Perpetual 'MTN' 3,250,000 SGD 2,320,232 2,459,729 0.08Mapletree Treasury Services Ltd FRN Perpetual 'MTN' 1,250,000 SGD 991,943 944,779 0.03Marquee Land Pte Ltd 9.75% 5/8/2019 'REGS' 5,500,000 USD 5,245,302 5,898,750 0.19NTUC Income Insurance Cooperative Ltd FRN 23/8/2027 2,000,000 SGD 1,603,640 1,549,013 0.05Ottawa Holdings Pte Ltd 5.875% 16/5/2018 'REGS' 2,500,000 USD 2,355,966 1,700,000 0.06Oversea-Chinese Banking Corp Ltd FRN 11/3/2023 'REGS' 3,000,000 USD 3,007,763 3,053,753 0.10Oversea-Chinese Banking Corp Ltd FRN 15/11/2022 'EMTN' 7,000,000 USD 6,758,448 7,177,963 0.23Oversea-Chinese Banking Corp Ltd FRN 15/10/2024 'REGS' 4,700,000 USD 4,697,168 4,899,750 0.16Oversea-Chinese Banking Corp Ltd 4% Perpetual 4,500,000 SGD 3,556,056 3,342,337 0.11Oversea-Chinese Banking Corp Ltd 4.25% 19/6/2024 'REGS' 5,900,000 USD 5,877,630 6,237,317 0.20Pakuwon Prima Pte Ltd 7.125% 2/7/2019 1,500,000 USD 1,501,275 1,586,250 0.05Pratama Agung Pte Ltd 6.25% 24/2/2020 3,000,000 USD 3,000,000 3,058,685 0.10RH International Singapore Corp Pte Ltd 3.5% 2/5/2019 'EMTN' 1,000,000 USD 999,847 1,032,165 0.03Sabana Sukuk Pte Ltd 4.25% 3/4/2019 'MTN' 2,000,000 SGD 1,578,650 1,424,610 0.05TBG Global Pte Ltd 5.25% 10/2/2022 5,000,000 USD 4,716,817 5,062,500 0.16Temasek Financial I Ltd 2.375% 23/1/2023 'REGS' 6,000,000 USD 5,968,646 6,143,897 0.20Theta Capital Pte Ltd 6.125% 14/11/2020 'REGS' 2,000,000 USD 1,926,719 2,035,000 0.07Theta Capital Pte Ltd 7% 16/5/2019 2,600,000 USD 2,633,931 2,689,811 0.09TML Holdings Pte Ltd 5.75% 7/5/2021 2,200,000 USD 2,200,000 2,275,911 0.07United Overseas Bank Ltd FRN 17/10/2022 'EMTN' 4,000,000 USD 4,032,327 4,051,764 0.13United Overseas Bank Ltd FRN 16/9/2026 'EMTN' 5,000,000 USD 5,032,960 5,096,734 0.17United Overseas Bank Ltd FRN 19/9/2024 'EMTN' 3,600,000 USD 3,581,911 3,720,975 0.12

121,955,754 125,434,943 4.08

South Korea Doosan Heavy Industries & Construction Co Ltd 2.125% 27/4/2020 'REGS' 2,500,000 USD 2,487,990 2,513,801 0.08Export-Import Bank of Korea 2.125% 11/2/2021 3,000,000 USD 2,980,789 3,026,454 0.10Export-Import Bank of Korea 2.25% 21/1/2020 3,500,000 USD 3,486,825 3,553,373 0.12Export-Import Bank of Korea 2.5% 10/5/2021 3,000,000 USD 3,026,625 3,076,796 0.10Export-Import Bank of Korea 2.875% 21/1/2025 16,000,000 USD 15,969,568 16,568,005 0.53Export-Import Bank of Korea 3.25% 12/8/2026 2,000,000 USD 1,968,533 2,147,456 0.07Export-Import Bank of Korea 4% 29/1/2021 2,000,000 USD 1,979,903 2,179,693 0.07

59




% net assets



Export-Import Bank of Korea 4.375% 15/9/2021 6,500,000 USD 6,500,992 7,249,520 0.24Export-Import Bank of Korea 5.125% 29/6/2020 2,000,000 USD 2,027,821 2,248,313 0.07Hyundai Capital Services Inc 2.625% 29/9/2020 'REGS' 9,000,000 USD 9,036,753 9,126,752 0.30Hyundai Capital Services Inc 2.875% 16/3/2021 'REGS' 5,500,000 USD 5,523,672 5,646,414 0.18KEB Hana Bank 2.5% 27/1/2021 'EMTN' 6,000,000 USD 5,987,734 6,139,749 0.20KEB Hana Bank 3.125% 26/6/2017 'REGS' 1,500,000 USD 1,498,388 1,524,184 0.05KEB Hana Bank 3.5% 25/10/2017 'REGS' 1,200,000 USD 1,199,986 1,231,637 0.04KEB Hana Bank 4% 3/11/2016 'REGS' 3,000,000 USD 2,998,994 3,030,096 0.10KEB Hana Bank 4.625% 24/10/2023 'EMTN' 1,300,000 USD 1,296,313 1,430,178 0.05Kia Motors Corp 2.625% 21/4/2021 'REGS' 4,500,000 USD 4,519,268 4,612,576 0.15Kia Motors Corp 3.25% 21/4/2026 'REGS' 1,000,000 USD 994,198 1,035,454 0.03Korea Development Bank 2.25% 18/5/2020 5,000,000 USD 4,978,036 5,071,725 0.16Korea Development Bank 2.5% 13/1/2021 3,000,000 USD 3,026,209 3,078,452 0.10Korea Development Bank 2.875% 22/8/2018 2,500,000 USD 2,494,178 2,566,465 0.08Korea Development Bank 3.25% 20/9/2016 6,000,000 USD 5,994,734 6,028,232 0.20Korea Development Bank 3.5% 22/8/2017 4,000,000 USD 4,016,041 4,095,950 0.13Korea Development Bank 3.75% 22/1/2024 5,000,000 USD 5,244,729 5,473,166 0.18Korea Development Bank 4% 9/9/2016 3,000,000 USD 3,002,975 3,016,202 0.10Korea Development Bank 4.625% 16/11/2021 5,000,000 USD 4,998,837 5,654,881 0.18Korea East-West Power Co Ltd 2.5% 16/7/2017 'REGS' 4,000,000 USD 3,997,011 4,040,280 0.13Korea Gas Corp 3.875% 12/2/2024 'REGS' 2,000,000 USD 1,990,634 2,203,424 0.07Korea Gas Corp 6.25% 20/1/2042 'REGS' 3,000,000 USD 3,042,500 4,517,925 0.15Korea Hydro & Nuclear Power Co Ltd 2.375% 28/10/2019 'REGS' 4,000,000 USD 3,985,973 4,059,525 0.13Korea Hydro & Nuclear Power Co Ltd 3% 19/9/2022 'REGS' 4,000,000 USD 3,843,925 4,214,595 0.14Korea Hydro & Nuclear Power Co Ltd 3.25% 15/6/2025 'REGS' 4,000,000 USD 3,994,551 4,277,926 0.14Korea International Bond 7.125% 16/4/2019 8,200,000 USD 8,662,402 9,506,417 0.31Korea National Oil Corp 3.25% 10/7/2024 'REGS' 500,000 USD 496,513 529,027 0.02Korea National Oil Corp 3.25% 1/10/2025 'REGS' 5,000,000 USD 4,984,734 5,327,641 0.17Korea National Oil Corp 4% 27/10/2016 'REGS' 2,000,000 USD 1,999,204 2,022,344 0.07Korea South-East Power Co Ltd 3.625% 29/1/2017 'EMTN' 1,000,000 USD 1,000,422 1,013,586 0.03Korean Air Lines Co Ltd FRN 25/11/2045 2,500,000 USD 2,499,093 2,518,573 0.08NongHyup Bank 2.625% 1/11/2018 'GMTN' 3,300,000 USD 3,315,957 3,373,070 0.11NongHyup Bank 3.5% 8/2/2017 'REGS' 3,000,000 USD 2,998,775 3,035,929 0.10Shinhan Bank 3.875% 24/3/2026 'REGS' 5,000,000 USD 4,968,933 5,147,906 0.17Shinhan Bank 4.375% 27/7/2017 'REGS' 2,300,000 USD 2,298,572 2,370,417 0.08SK Telecom Co Ltd 6.625% 20/7/2027 'REGS' 300,000 USD 324,991 409,013 0.01Woori Bank FRN 10/6/2045 'REGS' 2,200,000 USD 2,200,000 2,260,500 0.07Woori Bank FRN 2/5/2067 'REGS' 2,000,000 USD 1,862,009 2,061,440 0.07Woori Bank 4.75% 30/4/2024 'REGS' 5,700,000 USD 5,707,515 6,010,662 0.20

171,413,805 180,225,724 5.86

Sri Lanka Bank of Ceylon 5.325% 16/4/2018 5,000,000 USD 5,001,870 5,003,750 0.16Bank of Ceylon 6.875% 3/5/2017 'REGS' 5,200,000 USD 5,207,428 5,310,812 0.17Sri Lanka Government International Bond 5.125% 11/4/2019 'REGS' 4,500,000 USD 4,527,052 4,501,125 0.15Sri Lanka Government International Bond 5.875% 25/7/2022 'REGS' 7,600,000 USD 7,634,744 7,347,680 0.24Sri Lanka Government International Bond 6.125% 3/6/2025 'REGS' 6,000,000 USD 5,884,453 5,614,620 0.18Sri Lanka Government International Bond 6.25% 4/10/2020 'REGS' 3,000,000 USD 2,994,076 3,062,460 0.10Sri Lanka Government International Bond 6.25% 27/7/2021 'REGS' 5,000,000 USD 4,982,062 5,020,650 0.16Sri Lanka Government International Bond 6.85% 3/11/2025 'REGS' 2,700,000 USD 2,700,000 2,625,507 0.09SriLankan Airlines Ltd 5.3% 27/6/2019 6,000,000 USD 5,978,340 5,856,450 0.20

44,910,025 44,343,054 1.45

Thailand Bangkok Bank PCL/Hong Kong 2.75% 27/3/2018 'REGS' 2,000,000 USD 1,997,895 2,032,145 0.07Bangkok Bank PCL/Hong Kong 3.875% 27/9/2022 'REGS' 2,300,000 USD 2,291,074 2,482,096 0.08Bangkok Bank PCL/Hong Kong 9.025% 15/3/2029 'REGS' 1,150,000 USD 1,244,653 1,659,047 0.05

60




% net assets



Kasikornbank PCL 8.25% 21/8/2016 'REGS' 1,850,000 USD 1,852,399 1,863,939 0.06Kasikornbank PCL/Hong Kong 3% 20/3/2018 'EMTN' 3,200,000 USD 3,199,091 3,261,623 0.11Krung Thai Bank PCL/Cayman Islands FRN 26/12/2024 'EMTN' 5,900,000 USD 6,040,909 6,156,957 0.20PTT Exploration & Production PCL FRN Perpetual 'REGS' 7,700,000 USD 7,629,307 7,699,999 0.24PTT PCL 3.375% 25/10/2022 'REGS' 4,000,000 USD 3,990,021 4,185,335 0.14PTT PCL 4.5% 25/10/2042 'REGS' 1,400,000 USD 1,388,632 1,438,825 0.05Siam Commercial Bank PCL/Hong Kong 3.375% 19/9/2017 'REGS' 2,000,000 USD 1,994,253 2,040,919 0.07Thai Oil PCL 3.625% 23/1/2023 'REGS' 2,500,000 USD 2,486,398 2,587,331 0.08Thai Oil PCL 4.875% 23/1/2043 'REGS' 1,500,000 USD 1,430,263 1,610,378 0.05TMB Bank PCL/Cayman Islands 3.108% 1/10/2021 'EMTN' 5,100,000 USD 5,100,000 5,239,001 0.17

40,644,895 42,257,595 1.37

United Kingdom HSBC Holdings Plc FRN Perpetual 3,000,000 USD 2,940,253 2,805,000 0.09Standard Chartered Plc FRN Perpetual 'REGS' 4,900,000 USD 4,949,199 4,434,500 0.14Standard Chartered Plc 3.95% 11/1/2023 'REGS' 3,000,000 USD 2,977,466 2,937,000 0.10Standard Chartered Plc 5.3% 9/1/2043 'REGS' 4,000,000 USD 4,084,973 3,751,248 0.12Vedanta Resources Plc 6% 31/1/2019 'REGS' 8,400,000 USD 7,960,494 7,161,000 0.23Vedanta Resources Plc 7.125% 31/5/2023 'REGS' 3,600,000 USD 3,600,000 2,727,000 0.09Vedanta Resources Plc 8.25% 7/6/2021 'REGS' 4,000,000 USD 3,696,866 3,294,340 0.11Vedanta Resources Plc 9.5% 18/7/2018 'REGS' 3,000,000 USD 2,915,560 2,925,000 0.10

33,124,811 30,035,088 0.98

United States of America CNOOC Finance 2015 USA LLC 3.5% 5/5/2025 18,000,000 USD 17,649,195 18,269,781 0.58Hyundai Capital America 2.4% 30/10/2018 'REGS' 2,000,000 USD 2,013,278 2,025,000 0.07Hyundai Capital America 2.45% 15/6/2021 'REGS' 5,000,000 USD 5,003,686 5,029,625 0.16Hyundai Capital America 2.5% 18/3/2019 'REGS' 3,000,000 USD 3,023,209 3,047,220 0.10Hyundai Capital America 2.6% 19/3/2020 'REGS' 3,000,000 USD 2,997,567 3,054,690 0.10Hyundai Capital America 4% 8/6/2017 'REGS' 4,800,000 USD 4,795,289 4,916,784 0.16Reliance Holding USA Inc 4.5% 19/10/2020 'REGS' 7,560,000 USD 7,511,403 8,174,250 0.27Reliance Holding USA Inc 5.4% 14/2/2022 'REGS' 7,700,000 USD 7,713,452 8,572,487 0.28Reliance Holding USA Inc 6.25% 19/10/2040 'REGS' 500,000 USD 491,172 598,750 0.02

51,198,251 53,688,587 1.74

Vietnam Vietnam Government International Bond 4.8% 19/11/2024 'REGS' 8,600,000 USD 8,546,636 8,858,172 0.29

Total Bonds 2,734,377,625 2,858,907,292 92.89



Total Net Assets 3,077,896,527 100.00

61




% net assets



SHARES

Australia Whitehaven Coal Ltd 4,999,731 AUD 7,132,269 3,996,973 2.99

Bermuda Huabao International Holdings Ltd 6,754,000 HKD 4,690,631 2,393,831 1.79Jardine Matheson Holdings Ltd 80,174 USD 4,440,667 4,674,945 3.50Noble Group Ltd 11,294,444 SGD 6,528,675 1,676,095 1.26Noble Group Ltd Rights 29/07/2016 11,294,444 SGD 2,109,263 754,243 0.57

17,769,236 9,499,114 7.12

Cayman Islands Baidu Inc ADR 29,800 USD 4,940,857 4,843,990 3.62Parkson Retail Group Ltd 10,754,500 HKD 5,554,153 942,538 0.71Tencent Holdings Ltd 198,100 HKD 3,943,489 4,496,178 3.37

14,438,499 10,282,706 7.70

China Bank of China Ltd 'H' 9,985,000 HKD 4,819,526 3,976,548 2.98China Construction Bank Corp 'H' 6,213,000 HKD 4,476,767 4,099,879 3.07China Merchants Bank Co Ltd 'H' 1,609,206 HKD 3,194,313 3,596,337 2.69Dongfeng Motor Group Co Ltd 'H' 4,242,000 HKD 5,864,843 4,417,552 3.32

18,355,449 16,090,316 12.06

Hong Kong BOC Hong Kong Holdings Ltd 1,362,000 HKD 3,517,883 4,072,534 3.05China Merchants Holdings International Co Ltd 1,299,041 HKD 4,033,180 3,448,973 2.58China Overseas Land & Investment Ltd 1,452,000 HKD 4,565,336 4,584,926 3.44Sun Hung Kai Properties Ltd 277,460 HKD 3,501,718 3,327,488 2.49

15,618,117 15,433,921 11.56

India Blue Dart Express Ltd 24,408 INR 981,898 2,155,891 1.62Housing Development Finance Corp Ltd 143,523 INR 2,331,480 2,665,684 2.00Infosys Ltd 280,059 INR 4,126,874 4,858,033 3.63

7,440,252 9,679,608 7.25

Indonesia Bank Negara Indonesia Persero Tbk PT 11,737,500 IDR 4,424,672 4,619,489 3.46Salim Ivomas Pratama Tbk PT 43,583,900 IDR 4,510,915 1,464,617 1.10

8,935,587 6,084,106 4.56

Malaysia CIMB Group Holdings Bhd 2,861,541 MYR 4,084,290 3,101,821 2.32

Singapore DBS Group Holdings Ltd 356,600 SGD 3,866,646 4,170,050 3.12

South Korea Hana Financial Group Inc 136,298 KRW 4,193,268 2,751,164 2.06Hyundai Motor Co 47,936 KRW 8,773,078 5,639,040 4.22KT Corp 180,781 KRW 5,185,826 4,653,520 3.49Samsung Electronics Co Ltd 6,440 KRW 5,331,101 7,967,182 5.98

23,483,273 21,010,906 15.75

(expressed in USD)

ASIAN DYNAMIC FUND

62




% net assets


ASIAN DYNAMIC FUND (continued)

Taiwan HON HAI Precision Industry Co Ltd 1,947,918 TWD 4,427,186 4,981,656 3.73Taiwan Semiconductor Manufacturing Co Ltd 1,367,000 TWD 5,932,117 6,886,064 5.16

10,359,303 11,867,720 8.89

Thailand Kasikornbank PCL (Foreign Market) 840,200 THB 3,911,058 4,124,489 3.09PTT PCL (Foreign Market) 404,400 THB 3,250,755 3,602,084 2.70

7,161,813 7,726,573 5.79

United Kingdom Standard Chartered Plc 531,435 HKD 8,823,031 3,931,531 2.95

Total Shares 147,467,765 122,875,345 92.06

Total Investments 147,467,765 122,875,345 92.06


Total Net Assets 133,471,012 100.00

63




% net assets



SHARES


20,455,816 9,934,615 3.50


Cayman Islands Alibaba Group Holding Ltd ADR 17,700 USD 1,386,894 1,381,308 0.49Baidu Inc ADR 45,700 USD 8,301,094 7,428,535 2.62CK Hutchison Holdings Ltd 213,000 HKD 2,785,786 2,321,095 0.82Hengan International Group Co Ltd 495,000 HKD 4,963,457 4,127,710 1.45Parkson Retail Group Ltd 5,757,500 HKD 4,428,669 504,595 0.18Qinqin Foodstuffs Group Cayman Co Ltd 99,000 HKD 170,090 140,355 0.05Sands China Ltd 671,200 HKD 2,974,949 2,244,859 0.79Tencent Holdings Ltd 492,100 HKD 9,397,937 11,168,950 3.92

34,408,876 29,317,407 10.32

China Bank of China Ltd 'H' 19,319,800 HKD 8,924,537 7,694,152 2.71China Construction Bank Corp 'H' 17,069,620 HKD 13,037,950 11,264,023 3.97China Merchants Bank Co Ltd 'H' 2,662,385 HKD 5,330,031 5,950,036 2.09China Pacific Insurance Group Co Ltd 'H' 1,064,600 HKD 3,945,046 3,581,184 1.26China Shenhua Energy Co Ltd 'H' 1,574,000 HKD 5,407,177 2,892,837 1.02Dongfeng Motor Group Co Ltd 'H' 3,750,000 HKD 4,947,074 3,905,191 1.37

41,591,815 35,287,423 12.42

Hong Kong AIA Group Ltd 546,600 HKD 3,550,581 3,265,270 1.15BOC Hong Kong Holdings Ltd 1,217,000 HKD 4,000,820 3,638,968 1.28China Merchants Holdings International Co Ltd 1,554,222 HKD 4,978,707 4,126,482 1.45China Mobile Ltd 967,700 HKD 10,508,688 11,056,537 3.89China Overseas Land & Investment Ltd 1,286,000 HKD 3,948,030 4,060,754 1.43China Resources Power Holdings Co Ltd 1,431,807 HKD 3,204,320 2,133,251 0.75CLP Holdings Ltd 212,500 HKD 1,996,612 2,163,644 0.76Sino Land Co Ltd 2,968,167 HKD 4,604,507 4,843,081 1.71Sun Hung Kai Properties Ltd 535,339 HKD 6,924,852 6,420,147 2.26Wharf Holdings Ltd 1,178,000 HKD 8,623,099 7,128,210 2.51

52,340,216 48,836,344 17.19

India Axis Bank Ltd 389,164 INR 2,476,888 3,076,063 1.08Cairn India Ltd 769,977 INR 3,896,042 1,603,381 0.56Housing Development Finance Corp Ltd 316,353 INR 5,373,074 5,875,693 2.07Infosys Ltd 402,867 INR 5,832,450 6,988,318 2.47Reliance Industries Ltd 108,814 INR 1,483,956 1,562,442 0.55Tata Motors Ltd 'A' 488,487 INR 1,320,451 2,111,505 0.74

20,382,861 21,217,402 7.47

(expressed in USD)

ASIAN EQUITY FUND

64




% net assets


ASIAN EQUITY FUND (continued)

Indonesia Bank Negara Indonesia Persero Tbk PT 6,727,500 IDR 2,578,617 2,647,720 0.93Bank Rakyat Indonesia Persero Tbk PT 3,371,700 IDR 2,618,699 2,756,054 0.97Perusahaan Gas Negara Persero Tbk PT 15,622,700 IDR 3,217,951 2,766,858 0.98Salim Ivomas Pratama Tbk PT 9,468,800 IDR 1,243,618 318,195 0.11

9,658,885 8,488,827 2.99


6,637,709 5,355,981 1.89

Philippines First Gen Corp 4,430,200 PHP 1,790,234 2,344,693 0.83

Singapore CapitaLand Ltd 1,579,900 SGD 4,175,166 3,598,916 1.27DBS Group Holdings Ltd 398,759 SGD 4,498,643 4,663,053 1.64Oversea-Chinese Banking Corp Ltd 623,900 SGD 4,240,171 4,022,893 1.42Singapore Telecommunications Ltd 1,645,500 SGD 4,664,023 5,042,566 1.77

17,578,003 17,327,428 6.10

South Korea Hana Financial Group Inc 136,905 KRW 4,243,464 2,763,416 0.97Hyundai Motor Co 66,795 KRW 11,510,424 7,857,553 2.77Hyundai Steel Co 55,064 KRW 3,527,755 2,191,852 0.77Korea Electric Power Corp 38,307 KRW 2,080,461 2,008,719 0.71KT Corp 134,340 KRW 4,050,587 3,458,073 1.22LG Corp 97,318 KRW 6,049,504 5,381,913 1.89Samsung Electronics Co Ltd 14,637 KRW 12,352,443 18,108,021 6.38SK Innovation Co Ltd 16,610 KRW 1,886,755 2,026,049 0.71

45,701,393 43,795,596 15.42

Taiwan Catcher Technology Co Ltd 338,000 TWD 2,586,453 2,488,453 0.88Compal Electronics Inc 5,911,000 TWD 4,303,327 3,710,523 1.31CTBC Financial Holding Co Ltd 5,536,577 TWD 2,817,778 2,891,947 1.02HON HAI Precision Industry Co Ltd 3,118,871 TWD 7,358,561 7,976,282 2.80Nan Ya Plastics Corp 940,000 TWD 2,087,471 1,777,489 0.63Taiwan Semiconductor Manufacturing Co Ltd 3,408,808 TWD 9,917,357 17,171,375 6.04Uni-President Enterprises Corp 1,173,793 TWD 1,902,210 2,310,545 0.81

30,973,157 38,326,614 13.49

Thailand Bangkok Bank PCL (Foreign Market) 294,300 THB 1,686,735 1,356,762 0.48Kasikornbank PCL (Foreign Market) 582,400 THB 2,621,481 2,858,965 1.01PTT Exploration & Production PCL (Foreign Market) 348,000 THB 2,910,164 3,099,716 1.09

7,218,380 7,315,443 2.58


Total Shares 303,099,181 274,966,762 96.81

65




% net assets


ASIAN EQUITY FUND (continued)

OTHER TRANSFERABLE SECURITIES

SHARES

Hong Kong RREEF China Commercial Trust (REIT) 8,195,000 HKD 5,452,495 – –

Total Shares 5,452,495 – –

Total Other Transferable Securities 5,452,495 – –




66




% net assets



SHARES

Australia ASX Ltd 128,611 AUD 4,086,662 4,376,634 0.67Australia & New Zealand Banking Group Ltd 963,464 AUD 21,545,925 17,281,796 2.65BHP Billiton Ltd 735,728 AUD 16,392,313 10,204,041 1.56Coca-Cola Amatil Ltd 1,154,379 AUD 8,015,391 7,065,198 1.08GPT Metro Office Fund (REIT) 2,091,111 AUD 3,616,634 3,654,442 0.56Insurance Australia Group Ltd 3,111,071 AUD 12,924,381 12,609,054 1.93National Australia Bank Ltd 538,246 AUD 12,487,350 10,178,956 1.56QBE Insurance Group Ltd 1,307,994 AUD 11,968,929 10,145,329 1.56Sydney Airport 840,758 AUD 3,807,811 4,339,169 0.67Telstra Corp Ltd 709,076 AUD 3,144,207 2,931,863 0.45Vicinity Centres (REIT) 1,909,884 AUD 4,414,783 4,715,428 0.72Wesfarmers Ltd 104,982 AUD 3,867,556 3,130,656 0.48Westfield Corp (REIT) 1,641,721 AUD 12,509,836 13,002,445 1.99Westpac Banking Corp 1,021,276 AUD 25,503,946 22,328,858 3.43Woolworths Ltd 100,553 AUD 2,275,804 1,562,103 0.24

146,561,528 127,525,972 19.55

Bermuda COSCO Pacific Ltd 5,590,000 HKD 7,860,359 5,554,767 0.85NWS Holdings Ltd 4,533,861 HKD 7,420,394 7,140,672 1.10VTech Holdings Ltd 638,800 HKD 7,347,623 6,714,112 1.03

22,628,376 19,409,551 2.98

Cayman Islands Cheung Kong Property Holdings Ltd 1,461,500 HKD 8,637,461 9,116,830 1.40CK Hutchison Holdings Ltd 1,123,000 HKD 13,236,293 12,237,510 1.88Hengan International Group Co Ltd 1,021,500 HKD 8,478,721 8,518,092 1.31HKT Trust and HKT Ltd 4,609,380 HKD 5,525,137 6,641,772 1.02Qinqin Foodstuffs Group Cayman Co Ltd 204,300 HKD 290,552 289,641 0.04Sands China Ltd 2,884,000 HKD 13,764,873 9,645,668 1.48Tencent Holdings Ltd 834,400 HKD 16,646,577 18,937,966 2.90Wynn Macau Ltd 2,358,000 HKD 5,029,745 3,385,546 0.52

71,609,359 68,773,025 10.55

China Bank of China Ltd 'H' 34,112,700 HKD 14,647,035 13,585,457 2.08China Construction Bank Corp 'H' 25,966,000 HKD 17,630,409 17,134,629 2.63China Shenhua Energy Co Ltd 'H' 5,076,500 HKD 11,227,806 9,330,042 1.43China Vanke Co Ltd 'H' 4,705,000 HKD 11,284,173 9,217,282 1.41Industrial & Commercial Bank of China Ltd 'H' 26,682,525 HKD 15,484,187 14,753,121 2.26Sinopec Engineering Group Co Ltd 'H' 6,481,000 HKD 5,329,762 5,847,089 0.90

75,603,372 69,867,620 10.71

Hong Kong BOC Hong Kong Holdings Ltd 2,969,500 HKD 9,033,410 8,879,142 1.36China Merchants Holdings International Co Ltd 1,592,000 HKD 4,375,292 4,226,783 0.65China Mobile Ltd 1,654,000 HKD 18,147,546 18,897,916 2.89China Overseas Land & Investment Ltd 1,982,000 HKD 6,293,515 6,258,488 0.96China Resources Power Holdings Co Ltd 2,661,022 HKD 5,388,675 3,964,660 0.61Hysan Development Co Ltd 836,000 HKD 3,780,846 3,711,891 0.57

(expressed in USD)

ASIAN EQUITY INCOME FUND

67




% net assets


ASIAN EQUITY INCOME FUND (continued)

Power Assets Holdings Ltd 859,000 HKD 8,106,906 7,866,054 1.21Sino Land Co Ltd 4,683,750 HKD 7,266,321 7,642,353 1.17Sun Hung Kai Properties Ltd 563,802 HKD 7,245,464 6,761,494 1.04

69,637,975 68,208,781 10.46

India Coal India Ltd 1,846,947 INR 9,239,515 8,564,992 1.31Housing Development Finance Corp Ltd 243,617 INR 4,207,267 4,524,752 0.69Infosys Ltd 175,032 INR 3,125,453 3,036,186 0.47NMDC Ltd 946,897 INR 2,506,783 1,316,634 0.20

19,079,018 17,442,564 2.67

Indonesia Bank Negara Indonesia Persero Tbk PT 19,272,500 IDR 7,032,835 7,585,014 1.16Perusahaan Gas Negara Persero Tbk PT 51,361,900 IDR 13,085,433 9,096,449 1.40Semen Indonesia Persero Tbk PT 11,425,100 IDR 9,233,335 8,085,123 1.24

29,351,603 24,766,586 3.80

New Zealand Spark New Zealand Ltd 2,241,326 NZD 5,353,495 5,653,937 0.87

Philippines Philippine Long Distance Telephone Co 89,380 PHP 4,522,451 4,084,530 0.63

Singapore DBS Group Holdings Ltd 838,159 SGD 9,560,378 9,801,359 1.50Frasers Logistics & Industrial Trust (REIT) 9,627,200 SGD 6,470,012 6,786,210 1.04Hutchison Port Holdings Trust 24,129,300 USD 13,460,730 10,978,832 1.68Keppel Infrastructure Trust 26,427,200 SGD 9,993,704 9,706,441 1.49Singapore Exchange Ltd 848,300 SGD 5,037,162 4,796,320 0.74Singapore Telecommunications Ltd 4,575,800 SGD 13,227,895 14,022,348 2.15

57,749,881 56,091,510 8.60

South Korea Hyundai Motor Co - Pref 49,433 KRW 5,880,987 4,132,828 0.63LG Chem Ltd - Pref 35,974 KRW 5,629,357 5,965,216 0.91POSCO 32,364 KRW 7,358,154 5,661,628 0.87Samsung Electronics Co Ltd 11,640 KRW 12,587,014 14,400,311 2.22Samsung Electronics Co Ltd - Pref 12,415 KRW 11,935,570 12,750,744 1.96Shinhan Financial Group Co Ltd 318,322 KRW 11,391,049 10,501,572 1.61SK Innovation Co Ltd 26,457 KRW 2,932,764 3,227,164 0.49SK Telecom Co Ltd 37,025 KRW 7,584,768 6,927,019 1.06

65,299,663 63,566,482 9.75

Taiwan Asustek Computer Inc 840,000 TWD 7,730,284 6,913,420 1.06Compal Electronics Inc 10,422,000 TWD 6,880,051 6,542,222 1.00CTBC Financial Holding Co Ltd 20,343,282 TWD 11,300,069 10,626,006 1.63HON HAI Precision Industry Co Ltd 2,518,794 TWD 6,436,034 6,441,630 0.99Lite-On Technology Corp 1,540,845 TWD 2,316,208 2,106,428 0.32MediaTek Inc 1,214,000 TWD 12,215,890 9,182,431 1.41Nan Ya Plastics Corp 1,520,000 TWD 3,255,486 2,874,237 0.44Novatek Microelectronics Corp 1,859,000 TWD 6,760,241 6,886,467 1.06Quanta Computer Inc 1,898,300 TWD 4,077,021 3,589,582 0.55Taiwan Mobile Co Ltd 1,192,000 TWD 3,856,350 4,156,980 0.64Taiwan Semiconductor Manufacturing Co Ltd 5,459,996 TWD 23,955,475 27,503,935 4.21

88,783,109 86,823,338 13.31

68




% net assets


ASIAN EQUITY INCOME FUND (continued)

Thailand PTT Global Chemical PCL (Foreign Market) 5,125,300 THB 9,511,710 8,641,835 1.33PTT PCL (Foreign Market) 689,300 THB 5,671,625 6,139,754 0.94

15,183,335 14,781,589 2.27

Total Shares 671,363,165 626,995,485 96.15




69




% net assets



BONDS

Bermuda China Oil & Gas Group Ltd 5.25% 25/4/2018 'REGS' 200,000 USD 192,870 201,500 0.13GCX Ltd 7% 1/8/2019 'REGS' 800,000 USD 791,032 778,000 0.49Noble Group Ltd 3.625% 20/3/2018 'EMTN' 600,000 USD 482,322 513,000 0.33Noble Group Ltd 6.75% 29/1/2020 'REGS' 1,500,000 USD 1,272,739 1,216,988 0.77

2,738,963 2,709,488 1.72

British Virgin Islands Caifu Holdings Ltd 8.75% 24/1/2020 'REGS' 800,000 USD 803,985 850,000 0.54Central Plaza Development Ltd FRN Perpetual 'EMTN' 700,000 USD 710,334 743,750 0.47Central Plaza Development Ltd FRN Perpetual 'REGS' 700,000 USD 712,817 743,750 0.47Cheung Kong Bond Securities 03 Ltd 5.375% Perpetual 'REGS' 500,000 USD 493,306 512,685 0.33CITIC Telecom International Finance Ltd 6.1% 5/3/2025 'REGS' 1,000,000 USD 972,485 1,034,000 0.66COSCO Pacific Finance 2013 Co Ltd 4.375% 31/1/2023 1,100,000 USD 1,052,849 1,104,472 0.70FPC Finance Ltd 6% 28/6/2019 200,000 USD 215,614 214,000 0.14FPC Treasury Ltd 4.5% 16/4/2023 'REGS' 1,000,000 USD 990,816 1,010,000 0.64FPT Finance Ltd 6.375% 28/9/2020 'REGS' 500,000 USD 552,583 551,046 0.35Greenland Global Investment Ltd 3.5% 17/10/2017 'EMTN' 500,000 USD 498,355 498,669 0.32Greenland Global Investment Ltd 4.375% 3/7/2019 600,000 USD 605,560 602,250 0.38Greenland Global Investment Ltd 5.875% 3/7/2024 1,000,000 USD 985,382 1,005,000 0.64Joyous Glory Group Ltd 5.7% 7/3/2020 'GMTN' 700,000 USD 717,962 743,750 0.47NWD MTN Ltd 4.375% 30/11/2022 'EMTN' 1,400,000 USD 1,392,382 1,459,600 0.93NWD MTN Ltd 5.25% 26/2/2021 'EMTN' 400,000 USD 399,158 432,670 0.27Proven Honour Capital Ltd 4.125% 19/5/2025 500,000 USD 509,588 517,365 0.33Proven Honour Capital Ltd 4.125% 6/5/2026 2,800,000 USD 2,792,175 2,901,345 1.84SmarTone Finance Ltd 3.875% 8/4/2023 600,000 USD 568,722 603,255 0.38Studio City Finance Ltd 8.5% 1/12/2020 'REGS' 1,250,000 USD 1,330,145 1,271,875 0.81Trillion Chance Ltd 8.5% 10/1/2019 1,400,000 USD 1,395,755 1,486,540 0.94

17,699,973 18,286,022 11.61

Cayman Islands Agile Property Holdings Ltd FRN Perpetual 500,000 USD 487,276 487,500 0.31Agile Property Holdings Ltd 8.375% 18/2/2019 1,000,000 USD 973,065 1,067,133 0.68Agile Property Holdings Ltd 9% 21/5/2020 700,000 USD 706,106 773,500 0.49CAR Inc 6% 11/2/2021 200,000 USD 198,078 209,500 0.13Central China Real Estate Ltd 6.5% 4/6/2018 'EMTN' 200,000 USD 200,673 202,689 0.13Central China Real Estate Ltd 8% 28/1/2020 'REGS' 200,000 USD 197,709 206,000 0.13Central China Real Estate Ltd 8.75% 23/1/2021 400,000 USD 400,000 419,000 0.27China Aoyuan Property Group Ltd 10.875% 26/5/2018 400,000 USD 432,125 434,128 0.28China Aoyuan Property Group Ltd 11.25% 17/1/2019 700,000 USD 760,588 762,372 0.48China SCE Property Holdings Ltd 10% 2/7/2020 1,500,000 USD 1,488,519 1,663,761 1.06CIFI Holdings Group Co Ltd 7.75% 5/6/2020 2,000,000 USD 1,999,905 2,145,000 1.36CIFI Holdings Group Co Ltd 8.875% 27/1/2019 1,000,000 USD 993,107 1,065,000 0.68Country Garden Holdings Co Ltd 7.25% 4/4/2021 'REGS' 1,200,000 USD 1,185,815 1,275,000 0.81Country Garden Holdings Co Ltd 7.5% 9/3/2020 1,200,000 USD 1,209,172 1,288,500 0.82Country Garden Holdings Co Ltd 7.5% 10/1/2023 'REGS' 1,200,000 USD 1,218,333 1,292,826 0.82Country Garden Holdings Co Ltd 7.875% 27/5/2019 'REGS' 500,000 USD 516,713 536,250 0.34Fantasia Holdings Group Co Ltd 10.625% 23/1/2019 600,000 USD 587,959 634,500 0.40Fantasia Holdings Group Co Ltd 10.75% 22/1/2020 'REGS' 600,000 USD 591,206 633,750 0.40Fantasia Holdings Group Co Ltd 11.5% 1/6/2018 700,000 USD 726,993 743,750 0.47Fantasia Holdings Group Co Ltd 13.75% 27/9/2017 400,000 USD 422,724 433,000 0.27Future Land Development Holdings Ltd 6.25% 12/11/2017 800,000 USD 794,571 814,000 0.52Golden Eagle Retail Group Ltd 4.625% 21/5/2023 'REGS' 600,000 USD 446,528 500,457 0.32Greentown China Holdings Ltd 5.875% 11/8/2020 1,227,000 USD 1,191,567 1,300,403 0.83Greentown China Holdings Ltd 8% 24/3/2019 'EMTN' 900,000 USD 893,154 963,000 0.61KWG Property Holding Ltd 8.625% 5/2/2020 'REGS' 1,600,000 USD 1,627,788 1,706,917 1.08KWG Property Holding Ltd 8.975% 14/1/2019 'REGS' 700,000 USD 710,363 745,500 0.47KWG Property Holding Ltd 13.25% 22/3/2017 500,000 USD 512,765 532,500 0.34

(expressed in USD)

ASIAN HIGH YIELD BOND FUND

70




% net assets


ASIAN HIGH YIELD BOND FUND (continued)

Logan Property Holdings Co Ltd 9.75% 8/12/2017 300,000 USD 295,747 320,257 0.20Logan Property Holdings Co Ltd 11.25% 4/6/2019 'REGS' 500,000 USD 549,854 554,378 0.35Longfor Properties Co Ltd 6.75% 29/1/2023 2,500,000 USD 2,531,814 2,687,500 1.72Longfor Properties Co Ltd 6.875% 18/10/2019 'EMTN' 500,000 USD 524,683 522,500 0.33MCE Finance Ltd 5% 15/2/2021 'REGS' 1,400,000 USD 1,396,789 1,386,000 0.88MIE Holdings Corp 6.875% 6/2/2018 'EMTN' 700,000 USD 563,626 546,000 0.35MIE Holdings Corp 7.5% 25/4/2019 'REGS' 1,300,000 USD 1,020,361 865,661 0.55Moon Wise Global Ltd FRN Perpetual 1,000,000 USD 995,141 1,090,670 0.69New World China Land Ltd 5.375% 6/11/2019 'EMTN' 1,000,000 USD 1,064,836 1,060,000 0.67Shimao Property Holdings Ltd 6.625% 14/1/2020 2,000,000 USD 1,980,517 2,097,710 1.33Shimao Property Holdings Ltd 8.375% 10/2/2022 2,000,000 USD 2,044,285 2,255,000 1.43Shui On Development Holding Ltd FRN Perpetual 'REGS' 1,500,000 USD 1,514,570 1,597,206 1.01Shui On Development Holding Ltd 8.7% 24/11/2017 500,000 USD 528,854 527,500 0.33Shui On Development Holding Ltd 8.7% 19/5/2018 500,000 USD 528,023 533,618 0.34Shui On Development Holding Ltd 9.625% 10/6/2019 700,000 USD 757,483 764,341 0.49Shui On Development Holding Ltd 9.75% 19/5/2020 200,000 USD 215,956 217,819 0.14Sunac China Holdings Ltd 8.75% 5/12/2019 700,000 USD 676,563 764,750 0.49Sunac China Holdings Ltd 9.375% 5/4/2018 900,000 USD 905,269 945,377 0.60Times Property Holdings Ltd 11.45% 5/3/2020 500,000 USD 531,879 561,250 0.36Times Property Holdings Ltd 12.625% 21/3/2019 400,000 USD 429,096 445,000 0.28Yuzhou Properties Co Ltd 8.625% 24/1/2019 1,500,000 USD 1,476,133 1,593,096 1.01Yuzhou Properties Co Ltd 8.75% 4/10/2018 1,600,000 USD 1,568,350 1,686,789 1.07Yuzhou Properties Co Ltd 9% 8/12/2019 500,000 USD 497,696 545,000 0.35

44,070,327 46,403,358 29.47

China Future Land Development Holdings Ltd 10.25% 21/7/2019 1,500,000 USD 1,516,174 1,653,832 1.05KWG Property Holding Ltd 8.25% 5/8/2019 700,000 USD 702,255 756,336 0.48

2,218,429 2,410,168 1.53

Hong Kong Bank of East Asia Ltd FRN 20/11/2024 'EMTN' 1,200,000 USD 1,188,501 1,213,167 0.77Bank of East Asia Ltd FRN Perpetual 'EMTN' 2,000,000 USD 1,953,307 1,943,140 1.24China CITIC Bank International Ltd FRN Perpetual 'EMTN' 500,000 USD 515,681 525,000 0.33China Oil & Gas Group Ltd 5% 7/5/2020 1,100,000 USD 1,084,096 1,089,000 0.69Chong Hing Bank Ltd FRN Perpetual 1,500,000 USD 1,496,729 1,552,500 0.99Shimao Property Holdings Ltd 8.125% 22/1/2021 1,300,000 USD 1,368,975 1,439,237 0.91Yancoal International Resources Development Co Ltd 4.461% 16/5/2017 'REGS' 697,000 USD 694,597 694,034 0.44

8,301,886 8,456,078 5.37

India ABJA Investment Co Pte Ltd 5.95% 31/7/2024 2,500,000 USD 2,427,184 2,363,063 1.51Bank of Baroda/London FRN 25/5/2022 'EMTN' 500,000 USD 515,336 511,530 0.32ICICI Bank Ltd FRN 30/4/2022 'REGS' 800,000 USD 797,833 811,864 0.52India Government Bond 7.8% 11/4/2021 49,000,000 INR 744,999 739,197 0.47JSW Steel Ltd 4.75% 12/11/2019 800,000 USD 714,776 732,000 0.46State Bank of India FRN Perpetual 'EMTN' 700,000 USD 677,229 707,875 0.45State Bank of India FRN Perpetual 300,000 USD 293,798 305,250 0.19Tata Motors Ltd 4.625% 30/4/2020 700,000 USD 728,332 715,750 0.45Tata Motors Ltd 5.75% 30/10/2024 300,000 USD 300,000 316,500 0.20

7,199,487 7,203,029 4.57

Indonesia Alam Synergy Pte Ltd 9% 29/1/2019 'REGS' 500,000 USD 493,087 519,566 0.33Indonesia Treasury Bond 5.625% 15/5/2023 12,600,000,000 IDR 1,028,607 855,017 0.54Indonesia Treasury Bond 7% 15/5/2022 22,600,000,000 IDR 1,600,733 1,666,430 1.06Indonesia Treasury Bond 8.25% 15/7/2021 10,023,000,000 IDR 713,865 785,830 0.50Jababeka International BV 7.5% 24/9/2019 'REGS' 800,000 USD 810,528 838,000 0.53

4,646,820 4,664,843 2.96

71




% net assets



Malaysia Malayan Banking Bhd FRN 29/10/2026 800,000 USD 800,000 820,508 0.52Public Bank Bhd FRN 22/8/2036 250,000 USD 254,835 248,750 0.16

1,054,835 1,069,258 0.68

Mongolia Mongolia Government International Bond 4.125% 5/1/2018 'REGS' 545,000 USD 531,177 528,650 0.34Mongolia Government International Bond 5.125% 5/12/2022 'REGS' 1,500,000 USD 1,345,409 1,235,625 0.78Mongolia Government International Bond 10.875% 6/4/2021 'REGS' 500,000 USD 515,263 529,375 0.34Trade & Development Bank of Mongolia LLC 9.375% 19/5/2020 'REGS' 800,000 USD 810,455 787,000 0.50

3,202,304 3,080,650 1.96

Netherlands ICTSI Treasury BV 4.625% 16/1/2023 'EMTN' 1,300,000 USD 1,301,706 1,321,125 0.84Indo Energy Finance BV 7% 7/5/2018 'REGS' 400,000 USD 281,902 316,102 0.20Indo Energy Finance II BV 6.375% 24/1/2023 'REGS' 2,100,000 USD 1,786,744 1,163,365 0.74Royal Capital B.V. FRN Perpetual 2,200,000 USD 2,181,828 2,244,000 1.41Royal Capital B.V. FRN Perpetual 'REGS' 1,500,000 USD 1,493,545 1,553,460 0.99Samvardhana Motherson Automotive Systems Group BV 4.875% 16/12/2021 600,000 USD 596,468 592,500 0.38

7,642,193 7,190,552 4.56

Pakistan Pakistan Government International Bond 7.875% 31/3/2036 'REGS' 1,600,000 USD 1,485,926 1,432,000 0.91Pakistan Government International Bond 8.25% 15/4/2024 'REGS' 1,200,000 USD 1,225,564 1,265,694 0.80Pakistan Government International Bond 8.25% 30/9/2025 'REGS' 500,000 USD 531,605 529,060 0.34

3,243,095 3,226,754 2.05

Philippines First Gen Corp 6.5% 9/10/2023 900,000 USD 905,196 972,000 0.62Megaworld Corp 4.25% 17/4/2023 500,000 USD 482,252 491,875 0.31Petron Corp FRN Perpetual 'REGS' 800,000 USD 816,421 851,000 0.54San Miguel Corp 4.875% 26/4/2023 'EMTN' 1,200,000 USD 1,162,911 1,194,000 0.76SM Investments Corp 4.875% 10/6/2024 900,000 USD 898,486 960,314 0.61SMC Global Power Holdings Corp FRN Perpetual 'REGS' 1,500,000 USD 1,472,166 1,524,375 0.96SMC Global Power Holdings Corp FRN Perpetual 1,200,000 USD 1,196,934 1,252,512 0.80

6,934,366 7,246,076 4.60

Singapore ABJA Investment Co Pte Ltd 4.85% 31/1/2020 1,000,000 USD 968,646 1,000,335 0.64Alam Synergy Pte Ltd 6.95% 27/3/2020 'REGS' 1,300,000 USD 1,277,659 1,267,138 0.80Global Prime Capital Pte Ltd 6.75% 27/4/2020 400,000 USD 402,533 415,000 0.26Golden Legacy Pte Ltd 8.25% 7/6/2021 'REGS' 1,000,000 USD 997,516 1,017,500 0.65LMIRT Capital Pte Ltd 4.1% 22/6/2020 'MTN' 1,500,000 SGD 1,100,109 1,074,100 0.68Marquee Land Pte Ltd 9.75% 5/8/2019 'REGS' 500,000 USD 470,025 536,250 0.34MPM Global Pte Ltd 6.75% 19/9/2019 300,000 USD 294,399 309,750 0.20Ottawa Holdings Pte Ltd 5.875% 16/5/2018 'REGS' 1,000,000 USD 862,492 680,000 0.43Pratama Agung Pte Ltd 6.25% 24/2/2020 400,000 USD 400,451 407,825 0.26Sabana Sukuk Pte Ltd 4.25% 3/4/2019 'MTN' 1,500,000 SGD 1,154,456 1,068,457 0.68Tata International Singapore Pte Ltd 6.65% Perpetual 1,000,000 SGD 727,902 744,463 0.47TBG Global Pte Ltd 5.25% 10/2/2022 500,000 USD 480,144 506,250 0.32Theta Capital Pte Ltd 6.125% 14/11/2020 'REGS' 700,000 USD 672,128 712,250 0.45Theta Capital Pte Ltd 7% 16/5/2019 300,000 USD 309,497 310,363 0.20Theta Capital Pte Ltd 7% 11/4/2022 300,000 USD 288,539 309,750 0.20Yanlord Land Group Ltd 6.2% 8/5/2017 1,500,000 SGD 1,118,678 1,124,497 0.71

11,525,174 11,483,928 7.29

72




% net assets



South Korea Woori Bank FRN 10/6/2045 'REGS' 600,000 USD 598,667 616,500 0.39

Sri Lanka Bank of Ceylon 5.325% 16/4/2018 1,200,000 USD 1,200,000 1,200,900 0.76National Savings Bank 5.15% 10/9/2019 'REGS' 800,000 USD 790,944 778,464 0.49National Savings Bank 8.875% 18/9/2018 'REGS' 500,000 USD 530,206 532,790 0.34Sri Lanka Government International Bond 5.125% 11/4/2019 'REGS' 500,000 USD 500,000 500,125 0.32Sri Lanka Government International Bond 5.875% 25/7/2022 'REGS' 1,500,000 USD 1,521,063 1,450,200 0.92Sri Lanka Government International Bond 6% 14/1/2019 'REGS' 800,000 USD 794,183 815,820 0.52Sri Lanka Government International Bond 6.125% 3/6/2025 'REGS' 800,000 USD 795,164 748,616 0.48Sri Lanka Government International Bond 6.25% 4/10/2020 'REGS' 1,500,000 USD 1,533,992 1,531,230 0.97Sri Lanka Government International Bond 6.25% 27/7/2021 'REGS' 1,400,000 USD 1,429,022 1,405,782 0.89Sri Lanka Government International Bond 6.85% 3/11/2025 'REGS' 2,000,000 USD 1,948,818 1,944,820 1.22SriLankan Airlines Ltd 5.3% 27/6/2019 450,000 USD 448,988 439,234 0.28

11,492,380 11,347,981 7.19

Thailand Krung Thai Bank PCL FRN Perpetual 500,000 USD 522,594 500,000 0.32Krung Thai Bank PCL/Cayman Islands FRN 26/12/2024 'EMTN' 700,000 USD 703,013 730,486 0.46

1,225,607 1,230,486 0.78

United Kingdom Standard Chartered Plc FRN Perpetual 'REGS' 1,200,000 USD 1,108,519 1,086,000 0.69Vedanta Resources Plc 6% 31/1/2019 'REGS' 1,200,000 USD 1,061,622 1,023,000 0.65Vedanta Resources Plc 7.125% 31/5/2023 'REGS' 1,000,000 USD 919,210 757,500 0.48Vedanta Resources Plc 8.25% 7/6/2021 'REGS' 1,900,000 USD 1,972,514 1,564,812 1.00Vedanta Resources Plc 9.5% 18/7/2018 'REGS' 1,300,000 USD 1,230,696 1,267,500 0.80

6,292,561 5,698,812 3.62

United States of America Lendlease US Capital Inc 4.5% 26/5/2026 'EMTN' 1,500,000 USD 1,493,470 1,480,845 0.94

Vietnam Vietnam Government International Bond 4.8% 19/11/2024 'REGS' 2,447,000 USD 2,453,097 2,520,459 1.60

Total Bonds 144,033,634 146,325,287 92.89




73




% net assets



SHARES

Bermuda Cheung Kong Infrastructure Holdings Ltd 14,000 HKD 119,388 120,352 0.45COSCO Pacific Ltd 409,935 HKD 562,011 407,351 1.54Orient Overseas International Ltd 84,500 HKD 390,099 286,970 1.08Sinopec Kantons Holdings Ltd 1,020,000 HKD 530,964 521,904 1.97

1,602,462 1,336,577 5.04

Cayman Islands China Resources Cement Holdings Ltd 1,232,000 HKD 566,519 393,788 1.48CK Hutchison Holdings Ltd 76,488 HKD 913,707 833,502 3.15

1,480,226 1,227,290 4.63

China China Petroleum & Chemical Corp 'H' 430,200 HKD 369,481 310,498 1.17China Railway Group Ltd 'H' 495,000 HKD 437,521 367,475 1.38PetroChina Co Ltd 'H' 674,000 HKD 796,788 459,530 1.74Sinopec Engineering Group Co Ltd 'H' 257,000 HKD 233,219 231,863 0.87

1,837,009 1,369,366 5.16

Hong Kong China Merchants Holdings International Co Ltd 125,031 HKD 394,067 331,959 1.25China Mobile Ltd 154,000 HKD 1,763,410 1,759,540 6.63China Resources Power Holdings Co Ltd 304,632 HKD 788,311 453,872 1.71CNOOC Ltd 381,000 HKD 645,027 472,389 1.78

3,590,815 3,017,760 11.37

India Adani Ports and Special Economic Zone Ltd 110,293 INR 499,283 338,012 1.27Coal India Ltd 150,106 INR 748,877 696,098 2.62Gujarat State Petronet Ltd 132,915 INR 278,937 282,194 1.06Larsen & Toubro Ltd 25,177 INR 596,928 558,225 2.10NTPC Ltd 312,579 INR 988,612 723,847 2.73Reliance Industries Ltd 83,819 INR 1,648,046 1,203,543 4.54

4,760,683 3,801,919 14.32

Indonesia Perusahaan Gas Negara Persero Tbk PT 2,888,700 IDR 487,069 511,603 1.93Semen Indonesia Persero Tbk PT 509,600 IDR 348,679 360,625 1.36Telekomunikasi Indonesia Persero Tbk PT 3,691,500 IDR 706,680 1,111,991 4.19

1,542,428 1,984,219 7.48

Malaysia DiGi.Com Bhd 167,700 MYR 203,084 198,837 0.75Petronas Chemicals Group Bhd 214,700 MYR 420,913 352,021 1.33Sime Darby Bhd 242,100 MYR 404,296 455,797 1.72Tenaga Nasional Bhd 251,000 MYR 670,057 877,866 3.30

1,698,350 1,884,521 7.10

Philippines Energy Development Corp/Philippines 2,605,900 PHP 332,892 305,746 1.15Metro Pacific Investments Corp 3,062,000 PHP 199,822 453,629 1.71Philippine Long Distance Telephone Co 9,030 PHP 454,020 412,657 1.56

986,734 1,172,032 4.42

(expressed in USD)

ASIAN INFRASTRUCTURE EQUITY FUND

74




% net assets


ASIAN INFRASTRUCTURE EQUITY FUND (continued)

Singapore ComfortDelGro Corp Ltd 200,400 SGD 402,478 408,916 1.54Keppel Corp Ltd 72,800 SGD 347,303 297,097 1.12Singapore Telecommunications Ltd 623,100 SGD 1,592,209 1,909,464 7.20

2,341,990 2,615,477 9.86

South Korea Hyundai Engineering & Construction Co Ltd 9,420 KRW 348,192 272,741 1.03Hyundai Steel Co 12,448 KRW 543,557 495,499 1.87Korea Electric Power Corp 13,101 KRW 563,198 686,983 2.58LG Chem Ltd 2,708 KRW 655,109 611,260 2.30LG Uplus Corp 35,490 KRW 318,881 335,843 1.27

2,428,937 2,402,326 9.05

Taiwan Chunghwa Telecom Co Ltd 176,000 TWD 618,279 635,606 2.40Formosa Plastics Corp 382,000 TWD 830,978 921,281 3.47Nan Ya Plastics Corp 516,000 TWD 930,421 975,727 3.68Taiwan Mobile Co Ltd 74,000 TWD 228,093 258,068 0.97

2,607,771 2,790,682 10.52

Thailand Advanced Info Service PCL (Foreign Market) 56,900 THB 273,643 255,840 0.96PTT Global Chemical PCL (Foreign Market) 407,800 THB 633,786 687,597 2.59PTT PCL (Foreign Market) 101,400 THB 725,902 903,192 3.41Siam Cement PCL (Foreign Market) 14,450 THB 198,891 195,737 0.74Star Petroleum Refining PCL (Foreign Market) 1,807,000 THB 454,771 491,089 1.85

2,286,993 2,533,455 9.55

Total Shares 27,164,398 26,135,624 98.50


Other Net Assets 396,997 1.50


75




% net assets



BONDS

Australia Australia & New Zealand Banking Group Ltd FRN 23/3/2027 'EMTN' 3,000,000 SGD 2,194,258 2,192,854 0.10National Australia Bank Ltd FRN 17/5/2026 'GMTN' 90,000,000 HKD 11,534,509 11,857,552 0.54National Australia Bank Ltd FRN 19/5/2028 3,750,000 SGD 2,737,032 2,784,558 0.13

16,465,799 16,834,964 0.77

British Virgin Islands HLP Finance Ltd 4.6% 16/5/2024 'EMTN' 20,000,000 HKD 2,571,868 2,788,796 0.13Hongkong Electric Finance Ltd 3.95% 10/5/2030 'MTN' 5,000,000 HKD 644,093 741,207 0.03Hongkong Land Notes Co Ltd 4% 15/2/2027 'EMTN' 5,000,000 HKD 641,393 721,436 0.03Hongkong Land Notes Co Ltd 4.04% 5/4/2027 'EMTN' 5,000,000 HKD 629,223 721,474 0.03Nan Fung Treasury I Ltd 4.425% 29/8/2022 'MTN' 10,000,000 HKD 1,296,529 1,387,219 0.06NWD MTN Ltd 4.7% 8/3/2026 'EMTN' 180,000,000 HKD 22,987,274 23,017,971 1.06NWD MTN Ltd 5.9% 18/9/2023 'EMTN' 20,000,000 HKD 2,551,515 2,951,551 0.14R-REIT International Finance Ltd 4.125% 22/3/2018 'EMTN' 20,000,000 HKD 2,577,722 2,609,673 0.12

33,899,617 34,939,327 1.60

Cayman Islands HKR International Ltd 4.3% 21/5/2020 'EMTN' 7,000,000 HKD 895,191 896,036 0.04New World China Land Ltd 5% 28/1/2022 'EMTN' 20,000,000 HKD 2,569,395 2,676,255 0.12Swire Pacific MTN Financing Ltd 3.9% 5/11/2030 'EMTN' 20,000,000 HKD 2,576,770 2,799,803 0.13

6,041,356 6,372,094 0.29

China CITIC Ltd 4.35% 25/7/2024 'EMTN' 40,000,000 HKD 5,144,413 5,376,275 0.24Sunshine Life Insurance Co Ltd 3.15% 20/4/2021 3,000,000 USD 2,951,788 2,993,790 0.14

8,096,201 8,370,065 0.38

France Societe Generale SA FRN 19/5/2026 'EMTN' 6,000,000 SGD 4,389,021 4,419,498 0.20

Hong Kong Bank of East Asia Ltd FRN Perpetual 'EMTN' 12,000,000 USD 11,718,932 11,624,040 0.53Bank of East Asia Ltd FRN 13/9/2022 3,750,000 SGD 2,748,792 2,798,387 0.13Henderson Land MTN Ltd 4.8% 10/11/2031 'EMTN' 5,000,000 HKD 642,651 678,923 0.03HKCG Finance Ltd 4.72% 23/9/2039 'MTN' 2,000,000 HKD 258,061 319,349 0.01Mapletree Greater China Commercial Treasury Co HKSAR Ltd 3.25% 20/4/2023 'EMTN' 90,000,000 HKD 11,603,303 11,670,684 0.54

26,971,739 27,091,383 1.24

India Export-Import Bank of India 8.15% 21/1/2030 550,000,000 INR 8,383,953 8,204,974 0.37Export-Import Bank of India 8.25% 28/9/2025 550,000,000 INR 8,486,521 8,170,505 0.37Export-Import Bank of India 8.375% 24/7/2025 350,000,000 INR 5,286,709 5,253,980 0.24Export-Import Bank of India 9.05% 22/2/2022 250,000,000 INR 4,036,412 3,836,282 0.18IDFC Bank Ltd 9.38% 12/9/2024 50,000,000 INR 824,302 780,604 0.04India Government Bond 6.35% 2/1/2020 1,000,000,000 INR 14,279,941 14,400,764 0.66India Government Bond 7.72% 25/5/2025 1,000,000,000 INR 14,409,318 14,939,025 0.68India Government Bond 7.8% 11/4/2021 1,270,000,000 INR 19,991,209 19,123,091 0.87India Government Bond 7.83% 11/4/2018 500,000,000 INR 10,789,062 7,502,923 0.34India Government Bond 7.88% 19/3/2030 490,000,000 INR 7,360,356 7,411,233 0.34India Government Bond 7.99% 9/7/2017 450,000,000 INR 7,816,398 6,733,629 0.31India Government Bond 8.07% 3/7/2017 520,000,000 INR 9,359,552 7,785,243 0.36India Government Bond 8.12% 10/12/2020 700,000,000 INR 10,889,438 10,673,971 0.49India Government Bond 8.13% 21/9/2022 850,000,000 INR 17,154,519 12,920,825 0.59

(expressed in USD)

ASIAN LOCAL BOND FUND

76




% net assets


ASIAN LOCAL BOND FUND (continued)

India Government Bond 8.15% 11/6/2022 400,000,000 INR 7,413,019 6,078,018 0.28India Government Bond 8.2% 24/9/2025 250,000,000 INR 4,602,840 3,828,874 0.17India Government Bond 8.28% 21/9/2027 400,000,000 INR 7,416,514 6,159,861 0.28India Government Bond 8.3% 2/7/2040 450,000,000 INR 8,258,587 7,039,918 0.32India Government Bond 8.3% 31/12/2042 1,000,000,000 INR 14,556,132 15,622,779 0.71India Government Bond 8.83% 25/11/2023 250,000,000 INR 4,297,103 3,946,587 0.18India Government Bond 9.23% 23/12/2043 300,000,000 INR 5,537,803 5,164,558 0.24Power Finance Corp Ltd 8.36% 26/2/2020 400,000,000 INR 6,258,211 5,981,892 0.27Power Finance Corp Ltd 8.45% 10/8/2020 250,000,000 INR 3,794,176 3,750,961 0.17Power Finance Corp Ltd 8.48% 9/12/2024 150,000,000 INR 2,416,084 2,257,433 0.10Power Finance Corp Ltd 8.96% 21/10/2019 50,000,000 INR 818,016 760,339 0.03Power Finance Corp Ltd 9.39% 27/8/2024 50,000,000 INR 828,084 791,295 0.04Power Grid Corp of India Ltd 8.13% 25/4/2030 70,000,000 INR 1,035,797 1,038,048 0.05Power Grid Corp of India Ltd 8.15% 9/3/2030 300,000,000 INR 4,523,078 4,456,417 0.20Power Grid Corp of India Ltd 8.2% 23/1/2030 550,000,000 INR 8,312,317 8,178,328 0.37Power Grid Corp of India Ltd 8.32% 23/12/2030 730,000,000 INR 10,698,039 10,828,914 0.50Power Grid Corp of India Ltd 8.93% 20/10/2024 300,000,000 INR 4,772,234 4,639,097 0.21Rural Electrification Corp Ltd 8.23% 23/1/2025 750,000,000 INR 11,442,063 11,107,707 0.52Rural Electrification Corp Ltd 8.27% 6/2/2025 300,000,000 INR 4,614,462 4,466,373 0.20Rural Electrification Corp Ltd 8.3% 10/4/2025 250,000,000 INR 3,887,407 3,713,273 0.17Rural Electrification Corp Ltd 8.37% 14/8/2020 300,000,000 INR 4,594,489 4,491,842 0.21Rural Electrification Corp Ltd 8.56% 13/11/2019 150,000,000 INR 2,430,839 2,264,233 0.10Rural Electrification Corp Ltd 8.65% 22/1/2020 250,000,000 INR 3,938,295 3,772,426 0.17Rural Electrification Corp Ltd 9.04% 12/10/2019 450,000,000 INR 7,100,210 6,881,773 0.31Rural Electrification Corp Ltd 9.34% 25/8/2024 50,000,000 INR 825,883 787,362 0.04

273,439,372 255,745,357 11.68

Indonesia Astra Sedaya Finance PT 8.6% 21/2/2017 8,000,000,000 IDR 888,395 609,181 0.03Bank OCBC Nisp Tbk PT 9.8% 10/2/2018 37,000,000,000 IDR 2,933,132 2,844,904 0.13Bank UOB Indonesia PT 9.4% 1/4/2018 9,000,000,000 IDR 688,863 690,914 0.03BCA Finance PT 9% 20/3/2018 5,000,000,000 IDR 379,651 380,776 0.02Indonesia Treasury Bond 5.25% 15/5/2018 8,500,000,000 IDR 619,428 622,422 0.03Indonesia Treasury Bond 5.625% 15/5/2023 104,638,000,000 IDR 9,641,879 7,152,210 0.33Indonesia Treasury Bond 6.125% 15/5/2028 60,910,000,000 IDR 5,475,496 4,054,520 0.19Indonesia Treasury Bond 6.375% 15/4/2042 39,000,000,000 IDR 3,558,571 2,423,092 0.11Indonesia Treasury Bond 6.625% 15/5/2033 93,000,000,000 IDR 8,477,928 6,225,809 0.28Indonesia Treasury Bond 7% 15/5/2022 106,500,000,000 IDR 9,755,242 7,904,174 0.36Indonesia Treasury Bond 7% 15/5/2027 75,000,000,000 IDR 6,786,264 5,403,406 0.25Indonesia Treasury Bond 7.875% 15/4/2019 261,510,000,000 IDR 20,226,003 20,105,343 0.92Indonesia Treasury Bond 8.25% 15/7/2021 255,097,000,000 IDR 19,726,207 20,071,813 0.92Indonesia Treasury Bond 8.25% 15/6/2032 150,510,000,000 IDR 13,712,809 11,798,161 0.54Indonesia Treasury Bond 8.25% 15/5/2036 61,000,000,000 IDR 4,350,345 4,884,617 0.22Indonesia Treasury Bond 8.375% 15/3/2024 439,300,000,000 IDR 34,364,232 34,904,607 1.59Indonesia Treasury Bond 8.375% 15/9/2026 275,034,000,000 IDR 21,741,850 22,200,473 1.01Indonesia Treasury Bond 8.375% 15/3/2034 322,514,000,000 IDR 24,370,182 25,857,262 1.18Indonesia Treasury Bond 8.75% 15/5/2031 110,000,000,000 IDR 7,644,665 9,123,027 0.42Indonesia Treasury Bond 8.75% 15/2/2044 84,600,000,000 IDR 6,509,362 6,917,831 0.32Indonesia Treasury Bond 9% 15/3/2029 291,000,000,000 IDR 23,212,722 24,246,879 1.11Indonesia Treasury Bond 9.5% 15/7/2023 60,000,000,000 IDR 5,753,722 5,038,865 0.23Indonesia Treasury Bond 9.5% 15/7/2031 90,000,000,000 IDR 8,784,419 7,804,200 0.36Indonesia Treasury Bond 9.5% 15/5/2041 56,800,000,000 IDR 5,439,959 4,984,643 0.23Indonesia Treasury Bond 9.75% 15/5/2037 13,000,000,000 IDR 1,478,036 1,163,875 0.05Indonesia Treasury Bond 10% 15/9/2024 88,900,000,000 IDR 7,676,438 7,710,161 0.35Indonesia Treasury Bond 10% 15/2/2028 80,000,000,000 IDR 7,534,955 7,115,686 0.32Indonesia Treasury Bond 10.25% 15/7/2022 90,000,000,000 IDR 7,258,551 7,725,865 0.35Indonesia Treasury Bond 10.25% 15/7/2027 85,000,000,000 IDR 7,540,381 7,655,629 0.35Indonesia Treasury Bond 10.5% 15/8/2030 78,672,000,000 IDR 7,635,582 7,311,360 0.33Indonesia Treasury Bond 10.5% 15/7/2038 85,000,000,000 IDR 7,874,338 8,091,807 0.37Indonesia Treasury Bond 11% 15/11/2020 70,000,000,000 IDR 6,256,948 6,011,655 0.27Indonesia Treasury Bond 11% 15/9/2025 95,800,000,000 IDR 9,389,204 8,877,768 0.41Indonesia Treasury Bond 11.5% 15/9/2019 18,000,000,000 IDR 1,656,393 1,525,010 0.07Indonesia Treasury Bond 11.75% 15/8/2023 3,900,000,000 IDR 426,788 363,862 0.02

77




% net assets



Indonesia Treasury Bond 12.8% 15/6/2021 27,000,000,000 IDR 2,931,011 2,497,385 0.11Indosat Tbk PT 8.875% 27/6/2022 10,000,000,000 IDR 1,059,322 758,221 0.03Indosat Tbk PT 10.3% 12/12/2019 50,000,000,000 IDR 4,053,013 3,904,636 0.18Indosat Tbk PT 10.4% 4/6/2025 135,000,000,000 IDR 10,209,870 10,707,019 0.49Pelabuhan Indonesia II PT 5.375% 5/5/2045 'REGS' 10,000,000 USD 8,740,301 9,125,000 0.42

336,762,457 326,794,068 14.93

Kazakhstan Development Bank of Kazakhstan JSC 5.5% 3/8/2017 'IMTN' 17,000,000 MYR 5,388,982 4,219,764 0.19

Malaysia Aman Sukuk Bhd 3.9% 8/5/2018 'IMTN' 10,000,000 MYR 2,672,035 2,478,543 0.11Aman Sukuk Bhd 3.9% 27/7/2022 'IMTN' 5,000,000 MYR 1,575,555 1,214,839 0.06Aman Sukuk Bhd 4.23% 28/2/2018 'IMTN' 10,000,000 MYR 2,686,411 2,492,409 0.11Aman Sukuk Bhd 4.29% 6/5/2022 'IMTN' 10,000,000 MYR 2,657,770 2,482,388 0.11Aman Sukuk Bhd 4.47% 8/5/2025 'IMTN' 10,000,000 MYR 2,662,684 2,478,345 0.11Aman Sukuk Bhd 4.57% 7/5/2027 'IMTN' 10,000,000 MYR 2,680,681 2,475,814 0.11Bank Pembangunan Malaysia Bhd 4.85% 12/9/2034 'IMTN' 5,000,000 MYR 1,561,513 1,250,062 0.06Cagamas Bhd 3.95% 20/3/2018 'MTN' 10,000,000 MYR 2,674,119 2,489,507 0.11Cagamas Bhd 4.1% 4/2/2019 'MTN' 10,000,000 MYR 2,406,743 2,497,568 0.11Cagamas Bhd 4.2% 22/10/2018 'MTN' 10,000,000 MYR 2,357,142 2,503,075 0.11Cagamas Bhd 4.45% 25/11/2020 'IMTN' 10,000,000 MYR 2,323,966 2,532,568 0.11Cagamas Bhd 4.55% 28/10/2025 'IMTN' 10,000,000 MYR 3,167,831 2,519,074 0.12Cagamas Bhd 4.85% 25/11/2025 'MTN' 10,000,000 MYR 2,323,966 2,577,068 0.11DanaInfra Nasional Bhd 3.87% 19/7/2024 'IMTN' 5,000,000 MYR 1,611,492 1,209,617 0.06DanaInfra Nasional Bhd 3.96% 7/2/2025 'IMTN' 5,000,000 MYR 1,613,681 1,213,437 0.06DanaInfra Nasional Bhd 4.41% 24/7/2024 'IMTN' 7,000,000 MYR 2,204,031 1,756,806 0.08DanaInfra Nasional Bhd 4.45% 11/11/2022 'IMTN' 10,000,000 MYR 2,324,513 2,540,828 0.11DanaInfra Nasional Bhd 4.57% 2/5/2031 'IMTN' 5,000,000 MYR 1,283,039 1,264,721 0.06DanaInfra Nasional Bhd 4.67% 27/11/2029 'IMTN' 10,000,000 MYR 2,982,403 2,520,314 0.12DanaInfra Nasional Bhd 4.82% 12/11/2030 'IMTN' 22,000,000 MYR 5,113,929 5,610,558 0.25DanaInfra Nasional Bhd 4.93% 24/7/2034 'IMTN' 5,000,000 MYR 1,574,308 1,273,564 0.06Danga Capital Bhd 4.88% 29/1/2030 10,000,000 MYR 2,730,975 2,529,418 0.12Genting Capital Bhd 4.86% 8/6/2027 'MTN' 5,000,000 MYR 1,574,566 1,237,833 0.06Hong Leong Co Malaysia Bhd 8.25% 9/9/2039 5,000,000 MYR 1,411,670 1,358,359 0.06Hong Leong Financial Group Bhd 4.8% 17/9/2020 'MTN' 5,000,000 MYR 1,160,090 1,249,379 0.06IJM Corp Bhd 4.6% 10/4/2019 'IMTN' 5,000,000 MYR 1,533,036 1,246,874 0.06IJM Corp Bhd 4.73% 10/4/2020 'IMTN' 5,000,000 MYR 1,353,273 1,249,739 0.06IJM Corp Bhd 4.83% 10/6/2022 'IMTN' 10,000,000 MYR 2,714,323 2,505,357 0.11Imtiaz Sukuk II Bhd 4.3% 20/12/2016 'IMTN' 5,000,000 MYR 1,535,626 1,241,033 0.06Malayan Banking Bhd FRN Perpetual 9,500,000 SGD 6,980,554 7,294,090 0.32Malayan Banking Bhd 2.66% 13/5/2021 'EMTN' 65,000,000 HKD 8,374,879 8,515,281 0.38Malaysia Airports Capital Bhd 4.68% 16/12/2022 'IMTN' 5,000,000 MYR 1,551,012 1,261,931 0.06Malaysia Airports Holdings Bhd 3.85% 6/9/2016 'IMTN' 5,000,000 MYR 1,522,312 1,240,226 0.06Malaysia Airports Holdings Bhd 4.15% 6/9/2018 'IMTN' 5,000,000 MYR 1,522,312 1,241,715 0.06Malaysia Government Bond 3.418% 15/8/2022 47,000,000 MYR 12,410,115 11,488,734 0.51Malaysia Government Bond 3.48% 15/3/2023 27,400,000 MYR 7,039,719 6,697,076 0.31Malaysia Government Bond 3.492% 31/3/2020 30,000,000 MYR 7,962,214 7,476,185 0.34Malaysia Government Bond 3.58% 28/9/2018 16,000,000 MYR 4,587,762 4,023,097 0.18Malaysia Government Bond 3.654% 31/10/2019 35,000,000 MYR 9,022,423 8,777,083 0.40Malaysia Government Bond 3.795% 30/9/2022 39,000,000 MYR 9,442,780 9,735,775 0.44Malaysia Government Bond 3.8% 17/8/2023 4,000,000 MYR 1,021,488 1,004,842 0.05Malaysia Government Bond 3.844% 15/4/2033 21,000,000 MYR 5,223,889 4,911,934 0.22Malaysia Government Bond 3.889% 31/7/2020 31,000,000 MYR 7,789,901 7,832,966 0.36Malaysia Government Bond 3.955% 15/9/2025 17,500,000 MYR 4,179,346 4,380,381 0.20Malaysia Government Bond 4.048% 30/9/2021 15,000,000 MYR 4,255,972 3,828,469 0.17Malaysia Government Bond 4.16% 15/7/2021 24,000,000 MYR 6,911,823 6,141,147 0.28Malaysia Government Bond 4.181% 15/7/2024 37,000,000 MYR 9,694,055 9,411,892 0.43Malaysia Government Bond 4.378% 29/11/2019 25,000,000 MYR 6,538,514 6,410,547 0.29Malaysia Government Bond 4.392% 15/4/2026 4,000,000 MYR 962,321 1,030,351 0.05Malaysia Government Bond 4.498% 15/4/2030 27,000,000 MYR 6,985,129 6,903,098 0.32Malaysia Government Bond 4.935% 30/9/2043 9,000,000 MYR 2,448,663 2,318,691 0.11Malaysia Government Investment Issue 3.558% 30/4/2019 12,000,000 MYR 3,629,953 2,994,224 0.14

78




% net assets



Malaysia Government Investment Issue 3.576% 15/5/2020 19,000,000 MYR 4,684,438 4,717,008 0.22Malaysia Government Investment Issue 3.716% 23/3/2021 8,000,000 MYR 2,224,414 1,993,709 0.09Malaysia Government Investment Issue 3.99% 15/10/2025 30,000,000 MYR 6,771,522 7,423,872 0.34Malaysia Government Investment Issue 3.998% 30/11/2020 3,000,000 MYR 972,914 755,975 0.03Malaysia Government Investment Issue 4.17% 30/4/2021 5,000,000 MYR 1,691,830 1,269,174 0.06Malaysia Government Investment Issue 4.194% 15/7/2022 10,000,000 MYR 2,684,789 2,538,571 0.12Malaysia Government Investment Issue 4.245% 30/9/2030 5,000,000 MYR 1,228,468 1,228,494 0.06Malaysia Government Investment Issue 4.295% 31/10/2018 5,000,000 MYR 1,624,744 1,270,476 0.06Malaysia Government Investment Issue 4.444% 22/5/2024 14,000,000 MYR 3,931,722 3,587,302 0.16Malaysia Government Investment Issue 4.786% 31/10/2035 20,000,000 MYR 4,659,116 5,106,857 0.23Mudajaya Corp Bhd 4.6% 23/1/2017 'IMTN' 5,000,000 MYR 1,504,441 1,231,904 0.06Pengurusan Air SPV Bhd 4.04% 17/6/2021 'IMTN' 5,000,000 MYR 1,218,034 1,244,679 0.06Perbadanan Tabung Pendidikan Tinggi Nasional 4.19% 27/8/2021 'IMTN' 5,000,000 MYR 1,582,274 1,252,468 0.06Public Bank Bhd 4.2% 15/4/2019 'MTN' 10,000,000 MYR 2,684,722 2,491,045 0.11Putrajaya Holdings Sdn Bhd 4% 19/9/2018 'IMTN' 5,000,000 MYR 1,546,061 1,242,211 0.06Putrajaya Holdings Sdn Bhd 4.2% 11/4/2022 'IMTN' 5,000,000 MYR 1,281,227 1,238,540 0.06Putrajaya Holdings Sdn Bhd 4.35% 11/4/2024 'IMTN' 5,000,000 MYR 1,281,227 1,237,572 0.06Putrajaya Holdings Sdn Bhd 4.55% 19/9/2023 'IMTN' 5,000,000 MYR 1,546,061 1,256,052 0.06Rantau Abang Capital Bhd 5.05% 12/5/2031 'IMTN' 5,000,000 MYR 1,666,389 1,284,156 0.06Rantau Abang Capital Bhd 5.2% 26/3/2029 'IMTN' 5,000,000 MYR 1,541,621 1,308,266 0.06Sarawak Energy Bhd 5% 4/7/2024 'IMTN' 10,000,000 MYR 3,120,594 2,547,376 0.11TNB Northern Energy Bhd 4.055% 29/11/2023 3,500,000 MYR 1,150,742 850,760 0.04UEM Sunrise Bhd 4.6% 13/12/2018 'IMTN' 5,000,000 MYR 1,554,488 1,241,417 0.06West Coast Expressway Sdn Bhd 5% 28/8/2028 'IMTN' 5,000,000 MYR 1,186,581 1,250,930 0.06

247,866,926 234,487,646 10.70

Netherlands Indo Energy Finance II BV 6.375% 24/1/2023 'REGS' 5,000,000 USD 2,365,810 2,776,500 0.13JP Morgan Structured Products BV 8.5% 20/12/2025 'EMTN' 550,000,000 INR 8,458,936 8,624,921 0.39

10,824,746 11,401,421 0.52

New Zealand BNZ International Funding Ltd/London 2.06% 22/6/2021 'EMTN' 50,000,000 HKD 6,441,878 6,442,996 0.29BNZ International Funding Ltd/London 2.32% 31/3/2021 'GMTN' 10,000,000 HKD 1,289,097 1,302,929 0.06

7,730,975 7,745,925 0.35

Philippines Globe Telecom Inc 5.75% 1/9/2017 50,000,000 PHP 1,148,766 1,110,101 0.05Philippine Government Bond 2.125% 23/5/2018 250,000,000 PHP 5,920,340 5,293,060 0.24Philippine Government Bond 3.25% 15/8/2023 415,000,000 PHP 9,041,664 8,744,289 0.40Philippine Government Bond 3.375% 20/8/2020 250,000,000 PHP 5,223,934 5,419,273 0.25Philippine Government Bond 3.5% 20/3/2021 205,000,000 PHP 4,540,728 4,450,243 0.20Philippine Government Bond 3.625% 9/9/2025 1,020,000,000 PHP 20,769,446 22,092,468 1.02Philippine Government Bond 3.625% 21/3/2033 150,000,000 PHP 2,733,017 2,956,484 0.13Philippine Government Bond 3.875% 22/11/2019 550,000,000 PHP 12,057,960 12,037,140 0.55Philippine Government Bond 4% 6/12/2022 100,000,000 PHP 2,196,952 2,235,173 0.10Philippine Government Bond 4.125% 20/8/2024 355,000,000 PHP 7,934,212 7,853,171 0.36Philippine Government Bond 4.625% 9/9/2040 623,453,817 PHP 12,736,266 13,702,271 0.63Philippine Government Bond 4.75% 19/7/2019 50,000,000 PHP 1,082,849 1,104,288 0.05Philippine Government Bond 5.375% 1/3/2027 60,000,000 PHP 1,448,249 1,460,905 0.07Philippine Government Bond 5.75% 24/11/2021 108,000,000 PHP 2,586,951 2,559,214 0.12Philippine Government Bond 5.75% 27/9/2032 74,000,000 PHP 1,724,814 1,890,836 0.09Philippine Government Bond 5.75% 16/8/2037 20,000,000 PHP 491,024 494,074 0.02Philippine Government Bond 5.875% 2/2/2032 50,000,000 PHP 1,181,053 1,293,668 0.06Philippine Government Bond 5.875% 1/3/2032 321,400,000 PHP 7,920,624 8,318,746 0.38Philippine Government Bond 6.125% 24/10/2037 465,000,000 PHP 12,138,027 11,914,046 0.54Philippine Government Bond 6.25% 20/10/2026 50,000,000 PHP 1,345,079 1,280,997 0.06Philippine Government Bond 7.625% 29/9/2036 113,000,000 PHP 3,410,452 3,337,371 0.15Philippine Government Bond 8% 19/7/2031 500,000,000 PHP 15,699,907 15,143,705 0.69Philippine Government Bond 8% 30/9/2035 10,000,000 PHP 228,012 305,186 0.01

79




% net assets



Philippine Government Bond 8.125% 16/12/2035 264,264,351 PHP 7,125,403 8,142,862 0.37Philippine Government International Bond 3.9% 26/11/2022 200,000,000 PHP 4,331,963 4,244,645 0.19Philippine Government International Bond 4.95% 15/1/2021 457,000,000 PHP 10,265,113 10,166,722 0.46

155,282,805 157,550,938 7.19

Singapore Alam Synergy Pte Ltd 6.95% 27/3/2020 'REGS' 4,000,000 USD 3,466,804 3,921,200 0.18Ascott Residence Trust FRN Perpetual 1,500,000 SGD 1,068,616 1,120,534 0.05CCT MTN Pte Ltd 2.27% 22/3/2021 'EMTN' 20,000,000 HKD 2,579,098 2,589,438 0.12Croesus Retail Trust 4.6% 23/1/2017 'MTN' 10,000,000 SGD 7,446,909 7,447,821 0.34Croesus Retail Trust 5% 13/4/2020 'MTN' 6,000,000 SGD 4,440,594 4,439,265 0.20DBS Group Holdings Ltd FRN 19/4/2026 'GMTN' 90,000,000 HKD 11,605,248 12,139,654 0.54Ezion Holdings Ltd FRN Perpetual 'MTN' 7,250,000 SGD 5,132,499 4,781,512 0.22Ezion Holdings Ltd 5.1% 13/3/2020 'MTN' 3,000,000 SGD 2,364,777 1,933,636 0.09Hiap Hoe Ltd 4.75% 5/9/2016 3,500,000 SGD 2,726,447 2,593,597 0.12Hong Fok Corp Ltd 4.75% 22/3/2019 'MTN' 6,000,000 SGD 4,640,836 4,465,977 0.20Housing & Development Board 2.545% 4/7/2031 'MTN' 10,000,000 SGD 7,417,426 7,419,996 0.34Keppel Corp Ltd 3.145% 14/2/2022 8,000,000 SGD 5,610,667 5,934,632 0.27Keppel Corp Ltd 3.8% 23/4/2027 12,000,000 SGD 8,366,289 8,883,783 0.41Keppel REIT FRN Perpetual 'MTN' 8,500,000 SGD 6,068,297 6,433,137 0.29Land Transport Authority of Singapore 3.51% 18/9/2030 'MTN' 8,500,000 SGD 6,004,914 7,096,696 0.32LMIRT Capital Pte Ltd 4.1% 22/6/2020 'MTN' 13,000,000 SGD 9,654,061 9,308,867 0.43LMIRT Capital Pte Ltd 4.48% 28/11/2017 'MTN' 7,000,000 SGD 5,362,878 5,227,447 0.24LMIRT Capital Pte Ltd 4.5% 23/11/2018 'MTN' 7,500,000 SGD 5,238,293 5,492,652 0.25Mapletree Treasury Services Ltd FRN Perpetual 'MTN' 12,000,000 SGD 9,351,248 9,077,267 0.41Olam International Ltd 6% 25/10/2022 8,000,000 SGD 6,172,692 6,029,964 0.28Ottawa Holdings Pte Ltd 5.875% 16/5/2018 'REGS' 2,800,000 USD 2,530,129 1,904,000 0.09OUE Ltd 3.8% 15/4/2020 'MTN' 16,000,000 SGD 11,584,014 11,755,411 0.53Oversea-Chinese Banking Corp Ltd FRN Perpetual 2,000,000 SGD 1,416,748 1,477,455 0.07Roxy-Pacific Holdings Ltd 4.5% 20/7/2018 'MTN' 5,750,000 SGD 4,210,804 4,188,890 0.19Sabana Sukuk Pte Ltd 4% 19/3/2018 'MTN' 4,500,000 SGD 3,331,373 3,268,378 0.15Sabana Sukuk Pte Ltd 4.25% 3/4/2019 'MTN' 7,000,000 SGD 5,429,487 4,986,134 0.23Sembcorp Industries Ltd FRN Perpetual 'MTN' 3,250,000 SGD 2,124,775 2,391,483 0.11Sembcorp Industries Ltd FRN Perpetual 'MTN' 1,000,000 SGD 681,316 750,162 0.03Singapore Government Bond 1.625% 1/10/2019 11,000,000 SGD 8,057,166 8,267,694 0.38Singapore Government Bond 2% 1/7/2020 10,000,000 SGD 7,300,079 7,616,552 0.35Singapore Government Bond 2.25% 1/6/2021 23,000,000 SGD 17,601,914 17,665,690 0.81Singapore Government Bond 2.375% 1/6/2025 10,000,000 SGD 7,394,028 7,748,850 0.35Singapore Government Bond 2.5% 1/6/2019 19,700,000 SGD 15,726,296 15,171,392 0.69Singapore Government Bond 2.75% 1/7/2023 20,000,000 SGD 15,037,319 15,822,697 0.72Singapore Government Bond 2.75% 1/4/2042 18,000,000 SGD 12,026,779 14,410,983 0.66Singapore Government Bond 2.75% 1/3/2046 7,700,000 SGD 5,352,762 6,164,127 0.28Singapore Government Bond 2.875% 1/7/2029 8,000,000 SGD 5,856,385 6,442,931 0.29Singapore Government Bond 2.875% 1/9/2030 15,350,000 SGD 10,906,993 12,326,610 0.56Singapore Government Bond 3% 1/9/2024 23,000,000 SGD 17,254,755 18,582,303 0.86Singapore Government Bond 3.125% 1/9/2022 19,000,000 SGD 15,068,821 15,326,210 0.70Singapore Government Bond 3.25% 1/9/2020 18,750,000 SGD 14,627,543 14,977,216 0.68Singapore Government Bond 3.375% 1/9/2033 11,010,000 SGD 8,370,081 9,436,574 0.43Tata International Singapore Pte Ltd 6.65% Perpetual 6,750,000 SGD 4,995,968 5,025,126 0.23Viva iTrust MTN Pte Ltd 4.15% 19/9/2018 'MTN' 10,000,000 SGD 7,704,822 7,339,934 0.34

319,308,950 329,383,877 15.03

South Korea Export-Import Bank of Korea 1.93% 24/6/2021 'GMTN' 50,000,000 HKD 6,442,870 6,417,724 0.29KDICB Redemption Fund Bond 3.07% 17/9/2016 10,000,000,000 KRW 9,341,154 8,715,844 0.40Korea Monetary Stabilization Bond 0% 16/8/2016 5,000,000,000 KRW 4,131,644 4,334,049 0.20Korea Treasury Bond 1.625% 10/6/2018 11,000,000,000 KRW 9,392,569 9,613,227 0.44Korea Treasury Bond 2% 10/12/2017 23,000,000,000 KRW 20,551,742 20,179,177 0.92Korea Treasury Bond 2% 10/3/2020 19,000,000,000 KRW 17,419,116 16,915,154 0.77Korea Treasury Bond 2% 10/9/2020 27,700,000,000 KRW 24,146,551 24,726,071 1.12Korea Treasury Bond 2% 10/3/2021 20,000,000,000 KRW 17,634,480 17,917,072 0.82

80




% net assets



Korea Treasury Bond 2% 10/3/2046 2,000,000,000 KRW 1,763,896 1,913,155 0.09Korea Treasury Bond 2.25% 10/6/2025 25,000,000,000 KRW 23,189,426 23,108,824 1.06Korea Treasury Bond 2.625% 10/9/2035 7,000,000,000 KRW 6,804,743 7,149,954 0.33Korea Treasury Bond 2.75% 10/6/2017 10,000,000,000 KRW 9,036,227 8,801,085 0.40Korea Treasury Bond 2.75% 10/9/2017 9,000,000,000 KRW 7,956,014 7,947,925 0.36Korea Treasury Bond 2.75% 10/3/2018 9,000,000,000 KRW 7,957,149 8,003,917 0.37Korea Treasury Bond 2.75% 10/9/2019 10,000,000,000 KRW 9,167,778 9,080,774 0.41Korea Treasury Bond 2.75% 10/12/2044 14,000,000,000 KRW 12,847,441 15,409,735 0.70Korea Treasury Bond 3% 10/3/2023 16,000,000,000 KRW 14,427,110 15,316,313 0.70Korea Treasury Bond 3% 10/9/2024 19,500,000,000 KRW 17,994,467 18,945,244 0.87Korea Treasury Bond 3% 10/12/2042 20,863,900,000 KRW 19,055,019 23,747,823 1.08Korea Treasury Bond 3.125% 10/3/2019 10,000,000,000 KRW 9,298,663 9,105,152 0.42Korea Treasury Bond 3.25% 10/9/2018 16,000,000,000 KRW 15,170,697 14,484,108 0.66Korea Treasury Bond 3.375% 10/9/2023 13,000,000,000 KRW 11,900,794 12,805,290 0.58Korea Treasury Bond 3.5% 10/3/2024 14,000,000,000 KRW 14,844,431 13,980,212 0.64Korea Treasury Bond 3.75% 10/6/2022 7,000,000,000 KRW 6,987,554 6,903,652 0.32Korea Treasury Bond 3.75% 10/12/2033 18,000,000,000 KRW 18,452,595 20,830,899 0.95Korea Treasury Bond 4% 10/12/2031 19,000,000,000 KRW 18,970,876 21,995,759 1.00Korea Treasury Bond 4.25% 10/6/2021 10,500,000,000 KRW 9,592,712 10,386,144 0.47Korea Treasury Bond 4.75% 10/12/2030 11,000,000,000 KRW 11,776,508 13,496,971 0.62Korea Treasury Bond 5% 10/6/2020 8,500,000,000 KRW 7,907,998 8,423,763 0.38Korea Treasury Bond 5.25% 10/3/2027 2,000,000,000 KRW 2,147,114 2,379,956 0.11Korea Treasury Bond 5.5% 10/9/2017 6,230,000,000 KRW 5,869,350 5,672,093 0.26Korea Treasury Bond 5.5% 10/3/2028 4,100,000,000 KRW 3,334,962 5,078,657 0.23Korea Treasury Bond 5.5% 10/12/2029 9,000,000,000 KRW 8,728,617 11,568,053 0.53Korea Treasury Bond 5.75% 10/9/2018 14,000,000,000 KRW 12,033,542 13,327,207 0.61Korea Treasury Bond 5.75% 10/3/2026 2,100,000,000 KRW 2,356,553 2,525,488 0.12

398,632,362 421,206,471 19.23

Thailand Thailand Government Bond 2.55% 26/6/2020 604,000,000 THB 17,538,451 17,812,504 0.81Thailand Government Bond 3.25% 16/6/2017 1,593,000,000 THB 46,072,972 46,123,117 2.11Thailand Government Bond 3.4% 17/6/2036 100,000,000 THB 3,194,179 3,255,692 0.15Thailand Government Bond 3.58% 17/12/2027 108,000,000 THB 3,385,888 3,519,651 0.16Thailand Government Bond 3.625% 16/6/2023 410,000,000 THB 12,661,684 13,056,065 0.60Thailand Government Bond 3.65% 17/12/2021 650,000,000 THB 20,181,237 20,377,153 0.93Thailand Government Bond 3.65% 20/6/2031 45,000,000 THB 1,371,186 1,478,111 0.07Thailand Government Bond 3.8% 14/6/2041 120,000,000 THB 3,750,420 4,128,151 0.19Thailand Government Bond 3.85% 12/12/2025 447,000,000 THB 14,263,122 14,842,973 0.68Thailand Government Bond 3.875% 13/6/2019 934,000,000 THB 28,528,502 28,341,352 1.29Thailand Government Bond 4.26% 12/12/2037 350,000,000 THB 10,452,459 12,489,047 0.57Thailand Government Bond 4.5% 9/4/2024 30,000,000 THB 983,782 1,017,371 0.05Thailand Government Bond 4.675% 29/6/2044 250,000,000 THB 8,888,457 9,948,067 0.45Thailand Government Bond 4.75% 20/12/2024 70,000,000 THB 2,325,747 2,427,750 0.11Thailand Government Bond 4.85% 17/6/2061 162,600,000 THB 5,762,926 6,525,657 0.30Thailand Government Bond 4.875% 22/6/2029 361,000,000 THB 12,722,558 13,390,186 0.61Thailand Government Bond 5.625% 12/1/2019 31,000,000 THB 927,014 969,937 0.04Thailand Government Bond 6.15% 7/7/2026 50,000,000 THB 1,403,768 1,957,328 0.09

194,414,352 201,660,112 9.21

United Kingdom HSBC Holdings Plc FRN Perpetual 7,000,000 USD 6,667,911 6,440,000 0.30Standard Chartered Bank 4.1% 29/6/2020 8,000,000 HKD 1,073,182 1,109,188 0.05Standard Chartered Plc FRN 23/1/2026 5,000,000 SGD 3,697,944 3,733,742 0.17

11,439,037 11,282,930 0.52

United States of America Lendlease US Capital Inc 4.5% 26/5/2026 'EMTN' 3,800,000 USD 3,787,116 3,761,544 0.17

81




% net assets



Vietnam Vietnam Government Bond 6.5% 31/1/2025 100,000,000,000 VND 4,581,595 4,400,646 0.20

Total Bonds 2,065,323,408 2,067,668,030 94.40

SECURITISED ASSETS

Malaysia Cagamas MBS Bhd 4.17% 27/5/2022 1,500,000 MYR 440,789 368,895 0.02

Total Securitised Assets 440,789 368,895 0.02



Total Net Assets 2,190,164,082 100.00

82




% net assets



SHARES

Australia Cromwell Property Group (REIT) 128,779 AUD 113,964 97,205 1.36Dexus Property Group (REIT) 21,764 AUD 142,128 145,989 2.04Goodman Group (REIT) 23,368 AUD 99,316 123,557 1.72GPT Metro Office Fund (REIT) 42,288 AUD 73,793 73,903 1.03Mirvac Group (REIT) 70,493 AUD 110,622 105,895 1.48Scentre Group (REIT) 81,361 AUD 245,385 297,685 4.16Stockland (REIT) 65,304 AUD 229,156 228,737 3.19Vicinity Centres (REIT) 88,076 AUD 198,420 217,456 3.04Westfield Corp (REIT) 67,633 AUD 454,579 535,654 7.47

1,667,363 1,826,081 25.49

Bermuda Hongkong Land Holdings Ltd 52,100 USD 366,563 317,289 4.43

Cayman Islands Cheung Kong Property Holdings Ltd 62,000 HKD 374,761 386,755 5.41China Resources Land Ltd 32,000 HKD 85,970 74,650 1.04KWG Property Holding Ltd 198,494 HKD 122,746 114,867 1.60Longfor Properties Co Ltd 130,000 HKD 223,663 168,555 2.35

807,140 744,827 10.40

China China Vanke Co Ltd 'H' 66,300 HKD 165,570 129,884 1.81

Hong Kong China Overseas Land & Investment Ltd 140,000 HKD 451,751 442,073 6.18Hang Lung Properties Ltd 40,000 HKD 80,554 80,527 1.12Henderson Land Development Co Ltd 16,500 HKD 82,970 92,613 1.29Link REIT (Unit) (REIT) 29,500 HKD 170,978 200,750 2.80Sino Land Co Ltd 99,731 HKD 148,593 162,728 2.27Sun Hung Kai Properties Ltd 35,590 HKD 463,214 426,819 5.96

1,398,060 1,405,510 19.62

India Phoenix Mills Ltd 17,287 INR 86,325 88,619 1.23Prestige Estates Projects Ltd 22,315 INR 59,522 61,296 0.86

145,847 149,915 2.09

Indonesia Bumi Serpong Damai Tbk PT 1,725,400 IDR 242,320 275,542 3.85

Philippines Vista Land & Lifescapes Inc 1,426,000 PHP 176,759 161,854 2.26

Singapore Ascendas Real Estate Investment Trust (REIT) 100,792 SGD 191,878 185,472 2.58Cache Logistics Trust (Unit) (REIT) 138,800 SGD 107,131 88,571 1.24CapitaLand Commercial Trust (Unit) (REIT) 133,400 SGD 140,622 146,000 2.04CapitaLand Ltd 61,500 SGD 154,024 140,093 1.96CapitaLand Retail China Trust (Unit) (REIT) 117,626 SGD 112,904 130,918 1.83CDL Hospitality Trusts (REIT) 78,000 SGD 109,944 81,605 1.14City Developments Ltd 48,300 SGD 310,242 291,725 4.06Croesus Retail Trust 152,044 SGD 86,201 91,946 1.28

(expressed in USD)

ASIAN PROPERTY SECURITIES FUND

83




% net assets


ASIAN PROPERTY SECURITIES FUND (continued)

Frasers Centrepoint Ltd 61,800 SGD 76,809 70,159 0.98Frasers Centrepoint Trust (Unit) (REIT) 73,200 SGD 104,546 115,690 1.61Frasers Logistics & Industrial Trust (REIT) 159,100 SGD 106,636 112,150 1.57Global Logistic Properties Ltd 112,200 SGD 182,240 150,271 2.10Keppel (REIT) 152,645 SGD 139,876 118,926 1.66Mapletree Greater China Commercial Trust (REIT) 230,100 SGD 153,780 172,441 2.40Mapletree Industrial Trust (Unit) (REIT) 1,200 SGD 37,073 39,819 0.56

2,013,906 1,935,786 27.01

Thailand AP Thailand PCL (Foreign Market) 113,800 THB 19,646 23,803 0.33Central Pattana PCL (Foreign Market) 55,400 THB 85,186 94,199 1.32

104,832 118,002 1.65

Total Shares 7,088,360 7,064,690 98.61




84




% net assets



SHARES

Cayman Islands AAC Technologies Holdings Inc 847,500 HKD 5,194,561 7,192,753 2.73Alibaba Group Holding Ltd ADR 285,100 USD 23,034,305 22,249,204 8.44Baidu Inc ADR 81,000 USD 15,557,401 13,166,550 5.00Belle International Holdings Ltd 6,959,000 HKD 8,187,414 4,071,949 1.55China Resources Land Ltd 2,255,555 HKD 4,937,798 5,261,768 2.00Ctrip.com International Ltd ADR 132,200 USD 6,335,150 5,354,100 2.03Hengan International Group Co Ltd 708,500 HKD 7,110,190 5,908,045 2.24JD.com Inc ADR 249,000 USD 6,436,273 5,077,110 1.93NetEase Inc ADR 31,200 USD 5,178,008 5,662,176 2.15Qinqin Foodstuffs Group Cayman Co Ltd 141,700 HKD 243,655 200,892 0.08Tencent Holdings Ltd 1,163,500 HKD 15,351,049 26,407,388 10.02

97,565,804 100,551,935 38.17

China Agricultural Bank of China Ltd 'H' 14,262,000 HKD 5,242,149 5,201,954 1.97Bank of China Ltd 'H' 28,207,049 HKD 14,420,123 11,233,519 4.26China Construction Bank Corp 'H' 26,991,520 HKD 19,440,040 17,811,357 6.76China Merchants Bank Co Ltd 'H' 2,399,542 HKD 5,167,589 5,362,621 2.04China Pacific Insurance Group Co Ltd 'H' 2,318,800 HKD 8,659,495 7,800,159 2.96China Petroleum & Chemical Corp 'H' 11,149,600 HKD 8,127,289 8,047,241 3.05China Shenhua Energy Co Ltd 'H' 2,744,000 HKD 7,299,492 5,043,167 1.91China Vanke Co Ltd 'H' 1,865,000 HKD 4,584,968 3,653,609 1.39Dongfeng Motor Group Co Ltd 'H' 3,896,000 HKD 4,847,793 4,057,233 1.54Industrial & Commercial Bank of China Ltd 'H' 23,715,965 HKD 15,787,404 13,112,870 4.98Ping An Insurance Group Co of China Ltd 'H' 2,638,000 HKD 12,516,460 11,610,881 4.41Travelsky Technology Ltd 'H' 2,943,000 HKD 3,732,218 5,651,662 2.15

109,825,020 98,586,273 37.42

Hong Kong China Mobile Ltd 2,122,500 HKD 24,033,519 24,250,804 9.20China Overseas Land & Investment Ltd 2,262,000 HKD 7,242,472 7,142,633 2.71China Resources Power Holdings Co Ltd 2,596,268 HKD 5,297,826 3,868,183 1.47CNOOC Ltd 7,275,000 HKD 11,460,555 9,020,025 3.42Fosun International Ltd 3,899,500 HKD 3,424,127 5,025,839 1.91Guangdong Investment Ltd 2,920,000 HKD 3,409,380 4,433,307 1.68Want Want China Holdings Ltd 7,872,000 HKD 7,495,096 5,580,170 2.12

62,362,975 59,320,961 22.51

Total Shares 269,753,799 258,459,169 98.10


SHARES

Cayman Islands China High Precision Automation Group Ltd 6,386,000 HKD 2,728,497 – –






(expressed in USD)

CHINA EQUITY FUND

85




% net assets



SHARES

Australia Australia & New Zealand Banking Group Ltd 4,025,416 AUD 114,681,768 72,204,480 2.69BHP Billiton Ltd 3,839,902 AUD 93,334,561 53,256,798 1.99GPT Group (REIT) 2,527,861 AUD 9,539,843 10,170,131 0.38Healthscope Ltd 3,412,367 AUD 6,857,671 7,257,680 0.27Insurance Australia Group Ltd 416,939 AUD 1,687,925 1,689,838 0.06MMA Offshore Ltd 2,551,507 AUD 4,294,894 578,726 0.02National Australia Bank Ltd 3,480,599 AUD 94,047,154 65,822,811 2.46Nine Entertainment Co Holdings Ltd 21,038,272 AUD 28,549,802 16,427,650 0.61Origin Energy Ltd 5,918,248 AUD 47,012,195 25,306,791 0.95Qantas Airways Ltd 22,696,749 AUD 39,628,058 47,598,015 1.78QBE Insurance Group Ltd 4,419,806 AUD 44,315,191 34,281,798 1.28Stockland (REIT) 4,410,222 AUD 14,657,092 15,447,473 0.58Wesfarmers Ltd 468,228 AUD 14,028,923 13,962,971 0.52Westfield Corp (REIT) 1,795,464 AUD 13,638,851 14,220,091 0.53Whitehaven Coal Ltd 28,492,984 AUD 35,030,120 22,778,361 0.85Woodside Petroleum Ltd 1,705,538 AUD 58,072,395 34,042,386 1.27

619,376,443 435,046,000 16.24


180,419,909 97,535,535 3.64


Cayman Islands Baidu Inc ADR 252,600 USD 42,378,673 41,060,129 1.54CK Hutchison Holdings Ltd 2,563,000 HKD 32,159,115 27,929,419 1.04Hengan International Group Co Ltd 4,641,000 HKD 37,617,126 38,700,407 1.45Parkson Retail Group Ltd 28,809,500 HKD 3,100,417 2,524,901 0.09Qinqin Foodstuffs Group Cayman Co Ltd 928,200 HKD 1,289,079 1,315,933 0.05Sands China Ltd 7,990,800 HKD 42,026,612 26,725,590 1.00Tencent Holdings Ltd 1,691,700 HKD 31,690,720 38,395,682 1.43

190,261,742 176,652,061 6.60

China Bank of China Ltd 'H' 90,212,000 HKD 34,462,467 35,927,125 1.34China Construction Bank Corp 'H' 116,708,000 HKD 70,026,948 77,014,104 2.88China Merchants Bank Co Ltd 'H' 15,025,500 HKD 28,083,581 33,579,769 1.25China Pacific Insurance Group Co Ltd 'H' 4,742,600 HKD 15,692,462 15,953,526 0.60China Vanke Co Ltd 'H' 685,000 HKD 1,417,812 1,341,942 0.05Dongfeng Motor Group Co Ltd 'H' 32,982,000 HKD 40,257,011 34,346,938 1.28

189,940,281 198,163,404 7.40

Hong Kong BOC Hong Kong Holdings Ltd 21,041,000 HKD 64,528,812 62,914,976 2.35China Merchants Holdings International Co Ltd 14,442,000 HKD 39,028,294 38,343,720 1.43China Mobile Ltd 4,538,500 HKD 48,838,255 51,855,014 1.94China Overseas Land & Investment Ltd 9,808,000 HKD 29,078,056 30,970,358 1.16China Resources Power Holdings Co Ltd 10,296,000 HKD 16,894,025 15,340,024 0.57CLP Holdings Ltd 1,957,000 HKD 18,462,802 19,925,884 0.74Sino Land Co Ltd 21,085,374 HKD 34,402,285 34,404,456 1.28

(expressed in USD)

DEVELOPED AND EMERGING ASIA EQUITY FUND

86




% net assets


DEVELOPED AND EMERGING ASIA EQUITY FUND (continued)

Sun Hung Kai Properties Ltd 4,871,000 HKD 65,828,478 58,416,319 2.18Wharf Holdings Ltd 7,293,000 HKD 53,848,963 44,130,768 1.65

370,909,970 356,301,519 13.30

India Infosys Ltd ADR 3,188,000 USD 52,601,193 57,033,320 2.13Reliance Industries Ltd GDR '144A' 935,180 USD 26,103,491 26,746,148 1.00Tata Motors Ltd ADR 593,400 USD 16,022,937 20,062,854 0.75

94,727,621 103,842,322 3.88

Indonesia Bank Negara Indonesia Persero Tbk PT 93,891,000 IDR 35,276,450 36,952,369 1.38Bank Rakyat Indonesia Persero Tbk PT 22,677,800 IDR 20,100,905 18,537,009 0.69Perusahaan Gas Negara Persero Tbk PT 105,826,900 IDR 18,959,591 18,742,474 0.70Salim Ivomas Pratama Tbk PT 139,737,300 IDR 4,193,464 4,695,808 0.18

78,530,410 78,927,660 2.95

Isle of Man Genting Singapore Plc 23,634,200 SGD 20,896,183 12,714,011 0.47


40,979,958 41,982,456 1.57

New Zealand Trade Me Group Ltd 2,863,112 NZD 8,276,380 9,419,697 0.35

Singapore CapitaLand Ltd 7,679,900 SGD 19,382,423 17,494,342 0.65DBS Group Holdings Ltd 4,619,167 SGD 62,158,153 54,016,142 2.03Oversea-Chinese Banking Corp Ltd 7,024,300 SGD 52,086,029 45,292,522 1.69Singapore Telecommunications Ltd 13,308,900 SGD 37,901,517 40,784,570 1.52

171,528,122 157,587,576 5.89

South Korea Hana Financial Group Inc 1,210,267 KRW 22,037,288 24,429,142 0.91Hyundai Motor Co 560,949 KRW 66,536,390 65,988,269 2.46Hyundai Steel Co 231,275 KRW 10,514,245 9,206,024 0.34Korea Electric Power Corp 335,028 KRW 17,232,831 17,567,991 0.66KT Corp 1,195,661 KRW 29,494,079 30,777,747 1.15LG Corp 733,440 KRW 41,613,156 40,560,947 1.51Samsung Electronics Co Ltd 120,817 KRW 119,789,792 149,467,568 5.59SK Innovation Co Ltd 81,056 KRW 8,967,078 9,887,023 0.37

316,184,859 347,884,711 12.99

Taiwan Catcher Technology Co Ltd 3,339,000 TWD 25,380,171 24,582,678 0.92Compal Electronics Inc 33,502,000 TWD 19,492,917 21,030,273 0.79CTBC Financial Holding Co Ltd 44,072,000 TWD 20,870,355 23,020,344 0.86HON HAI Precision Industry Co Ltd 26,567,000 TWD 62,423,081 67,943,141 2.54Nan Ya Plastics Corp 9,920,000 TWD 18,199,372 18,758,178 0.70Taiwan Semiconductor Manufacturing Co Ltd 30,274,000 TWD 138,166,258 152,500,871 5.69Uni-President Enterprises Corp 12,796,000 TWD 21,861,125 25,188,199 0.94

306,393,279 333,023,684 12.44

87




% net assets


DEVELOPED AND EMERGING ASIA EQUITY FUND (continued)

Thailand Bangkok Bank PCL (Foreign Market) 4,817,000 THB 22,337,699 22,207,006 0.83Kasikornbank PCL (Foreign Market) 9,956,700 THB 47,283,965 48,876,811 1.82PTT PCL (Foreign Market) 3,479,600 THB 29,328,719 30,993,599 1.16

98,950,383 102,077,416 3.81


Total Shares 2,703,801,294 2,467,340,514 92.14



Total Net Assets 2,677,697,478 100.00

88




% net assets



SHARES

Cayman Islands AAC Technologies Holdings Inc 227,500 HKD 1,356,697 1,930,798 1.80Baidu Inc ADR 15,500 USD 2,414,973 2,519,525 2.35Chow Tai Fook Jewellery Group Ltd 1,974,200 HKD 1,205,336 1,414,704 1.32GCL-Poly Energy Holdings Ltd 7,474,600 HKD 1,250,227 972,991 0.91Geely Automobile Holdings Ltd 4,775,000 HKD 2,186,697 2,578,618 2.40Hengan International Group Co Ltd 160,000 HKD 1,759,025 1,334,209 1.24JD.com Inc ADR 44,400 USD 1,046,322 905,316 0.84Qinqin Foodstuffs Group Cayman Co Ltd 32,000 HKD 60,279 45,367 0.04Tencent Holdings Ltd 321,900 HKD 4,526,430 7,306,007 6.81

15,805,986 19,007,535 17.71

China Bank of China Ltd 'H' 5,366,100 HKD 2,444,401 2,137,061 1.99China Construction Bank Corp 'H' 7,110,000 HKD 6,138,015 4,691,797 4.38China Merchants Bank Co Ltd 'H' 255,104 HKD 514,449 570,120 0.53China Pacific Insurance Group Co Ltd 'H' 460,000 HKD 1,854,963 1,547,384 1.44China Petroleum & Chemical Corp 'H' 3,867,000 HKD 2,970,304 2,791,013 2.60Industrial & Commercial Bank of China Ltd 'H' 7,203,310 HKD 4,991,560 3,982,805 3.71Ping An Insurance Group Co of China Ltd 'H' 455,500 HKD 2,455,326 2,004,836 1.87Travelsky Technology Ltd 'H' 1,329,000 HKD 1,282,333 2,552,178 2.38

22,651,351 20,277,194 18.90

Hong Kong China Jinmao Holdings Group Ltd 3,828,000 HKD 1,044,583 1,075,544 1.00China Mobile Ltd 445,500 HKD 5,765,413 5,090,098 4.75Guangdong Investment Ltd 752,000 HKD 829,339 1,141,728 1.06Hua Hong Semiconductor Ltd 700,000 HKD 698,360 651,381 0.61Lenovo Group Ltd 1,720,000 HKD 1,425,345 1,035,249 0.96WH Group Ltd 2,122,000 HKD 1,692,934 1,662,833 1.55

11,455,974 10,656,833 9.93

India Adani Ports and Special Economic Zone Ltd 706,986 INR 2,545,815 2,166,679 2.02Aditya Birla Fashion and Retail Ltd 283,951 INR 785,250 600,338 0.56Aditya Birla Nuvo Ltd 16,511 INR 217,083 298,724 0.28Bank of Baroda 1,072,762 INR 2,804,102 2,446,872 2.28Bharat Petroleum Corp Ltd 154,881 INR 1,934,874 2,460,265 2.29Bharti Airtel Ltd 521,463 INR 2,514,575 2,833,877 2.64Cairn India Ltd 741,631 INR 2,684,657 1,544,354 1.44Cipla Ltd 258,694 INR 2,005,373 1,920,226 1.79Coal India Ltd 479,587 INR 2,614,535 2,224,026 2.07Container Corp Of India 25,968 INR 584,157 550,389 0.51Dr Reddy's Laboratories Ltd 60,047 INR 1,866,130 3,008,532 2.80GAIL India Ltd 55,956 INR 323,196 319,304 0.30HCL Technologies Ltd 157,199 INR 1,811,049 1,701,251 1.59Housing Development Finance Corp Ltd 179,439 INR 3,270,306 3,332,760 3.11Infosys Ltd 442,125 INR 5,660,102 7,669,305 7.16ITC Ltd 441,040 INR 2,021,591 2,407,275 2.24Larsen & Toubro Ltd 164,546 INR 3,043,973 3,648,314 3.40LIC Housing Finance Ltd 387,817 INR 2,133,301 2,844,201 2.65Marico Ltd 365,641 INR 1,244,840 1,428,001 1.33Maruti Suzuki India Ltd 17,535 INR 972,533 1,087,822 1.01Mphasis Ltd 194,544 INR 2,231,203 1,652,881 1.54Reliance Industries Ltd 112,518 INR 2,240,572 1,615,627 1.51Rural Electrification Corp Ltd 571,138 INR 1,619,821 1,467,721 1.37

(expressed in USD)

DRAGON PEACOCK FUND

89




% net assets


DRAGON PEACOCK FUND (continued)

Tata Consultancy Services Ltd 58,229 INR 2,400,706 2,202,599 2.05Tata Motors Ltd 271,647 INR 1,341,268 1,848,342 1.72Tata Motors Ltd 'A' 666,023 INR 2,171,985 2,878,911 2.68

53,042,997 56,158,596 52.34

Total Shares 102,956,308 106,100,158 98.88




90




% net assets



SHARES

Bermuda COSCO Pacific Ltd 981,815 HKD 1,355,051 975,627 1.08Kunlun Energy Co Ltd 658,000 HKD 436,771 541,909 0.60

1,791,822 1,517,536 1.68


Cayman Islands Alibaba Group Holding Ltd ADR 16,400 USD 1,267,230 1,291,008 1.43Baidu Inc ADR 14,800 USD 2,334,533 2,405,741 2.66China Resources Cement Holdings Ltd 3,414,000 HKD 1,654,568 1,091,226 1.21Kingboard Chemical Holdings Ltd 941,000 HKD 1,805,063 1,865,287 2.06Tencent Holdings Ltd 101,000 HKD 1,460,596 2,292,347 2.53Tingyi Cayman Islands Holding Corp 790,000 HKD 859,529 744,293 0.82Xingda International Holdings Ltd 4,386,000 HKD 1,323,363 1,006,209 1.11

10,704,882 10,696,111 11.82

China Bank of China Ltd 'H' 5,706,000 HKD 2,741,396 2,272,427 2.51China Construction Bank Corp 'H' 5,839,000 HKD 4,377,816 3,853,080 4.26China Pacific Insurance Group Co Ltd 'H' 516,200 HKD 1,726,369 1,736,434 1.92China Petroleum & Chemical Corp 'H' 2,970,000 HKD 2,729,660 2,143,602 2.37China Shenhua Energy Co Ltd 'H' 721,000 HKD 2,007,897 1,325,118 1.46Dongfeng Motor Group Co Ltd 'H' 1,534,000 HKD 2,294,437 1,597,484 1.77Industrial & Commercial Bank of China Ltd 'H' 4,218,000 HKD 3,274,000 2,332,188 2.58Sinopec Engineering Group Co Ltd 'H' 1,691,000 HKD 1,360,328 1,525,602 1.69

20,511,903 16,785,935 18.56

Hong Kong China Mobile Ltd 104,500 HKD 1,038,819 1,193,974 1.32China Overseas Land & Investment Ltd 720,000 HKD 2,264,834 2,273,517 2.51China Resources Power Holdings Co Ltd 358,752 HKD 980,641 534,505 0.59CNOOC Ltd 1,304,000 HKD 2,295,306 1,616,785 1.79

6,579,600 5,618,781 6.21

Indonesia Bank Negara Indonesia Persero Tbk PT 4,084,700 IDR 1,695,229 1,607,601 1.78Salim Ivomas Pratama Tbk PT 11,284,000 IDR 979,468 379,194 0.42

2,674,697 1,986,795 2.20

Malaysia CIMB Group Holdings Bhd 347,976 MYR 777,710 377,195 0.42Genting Malaysia Bhd 1,018,500 MYR 1,341,977 1,124,233 1.24

2,119,687 1,501,428 1.66

Philippines First Gen Corp 3,105,600 PHP 1,438,290 1,643,646 1.82LT Group Inc 2,577,900 PHP 897,513 872,313 0.96

2,335,803 2,515,959 2.78

(expressed in USD)

EMERGING ASIA EQUITY FUND

91




% net assets


EMERGING ASIA EQUITY FUND (continued)

South Korea E-MART Inc 9,644 KRW 2,200,344 1,448,463 1.60GS Holdings 33,406 KRW 1,419,791 1,376,147 1.52Hana Financial Group Inc 59,206 KRW 2,127,653 1,195,068 1.32Hankook Tire Co Ltd 32,681 KRW 1,965,445 1,447,003 1.60Hyundai Mobis Co Ltd 7,730 KRW 2,023,929 1,691,158 1.87Hyundai Motor Co 5,372 KRW 649,150 631,945 0.70Korea Electric Power Corp 31,946 KRW 1,234,622 1,675,165 1.85KT Corp 35,416 KRW 1,029,469 911,650 1.01LG Display Co Ltd 65,998 KRW 1,363,222 1,512,651 1.67POSCO 10,776 KRW 2,716,776 1,885,110 2.08Samsung Electronics Co Ltd 4,961 KRW 6,385,658 6,137,453 6.78Samsung Fire & Marine Insurance Co Ltd 4,950 KRW 1,270,025 1,132,374 1.25SK Hynix Inc 20,749 KRW 500,911 583,642 0.65

24,886,995 21,627,829 23.90

Taiwan CTBC Financial Holding Co Ltd 2,599,863 TWD 1,563,935 1,357,999 1.50Fubon Financial Holding Co Ltd 1,404,000 TWD 1,734,891 1,638,631 1.81HON HAI Precision Industry Co Ltd 659,750 TWD 1,915,540 1,687,262 1.87Taiwan Semiconductor Manufacturing Co Ltd 1,153,000 TWD 4,700,782 5,808,070 6.42Tripod Technology Corp 623,000 TWD 1,132,639 1,207,028 1.33Wistron Corp 1,012,345 TWD 1,012,617 702,952 0.78

12,060,404 12,401,942 13.71

Thailand Bangkok Bank PCL (Foreign Market) 358,500 THB 2,131,249 1,652,732 1.83PTT PCL (Foreign Market) 142,200 THB 1,526,562 1,266,608 1.40

3,657,811 2,919,340 3.23

Total Shares 88,741,663 78,710,339 87.01




92




% net assets



SHARES

Czech Republic CEZ AS 468,231 CZK 11,026,324 7,926,143 2.20

Egypt Commercial International Bank Egypt SAE GDR 2,118,676 USD 8,556,665 7,582,741 2.11

Greece FF Group 431,417 EUR 7,755,199 7,961,098 2.21

Netherlands X5 Retail Group NV GDR 343,499 USD 6,879,823 6,818,455 1.89

Poland Asseco Poland SA 377,495 PLN 5,543,347 4,957,165 1.38Powszechna Kasa Oszczednosci Bank Polski SA 288,971 PLN 3,025,519 1,693,721 0.47Powszechny Zaklad Ubezpieczen SA 801,410 PLN 9,654,161 5,739,945 1.59

18,223,027 12,390,831 3.44

Qatar Qatar National Bank 414,178 QAR 17,431,862 15,924,342 4.42

Russia Gazprom OAO 6,088,905 USD 20,863,889 13,238,449 3.68Lukoil OAO 354,464 USD 18,351,077 14,682,503 4.08Lukoil PJSC ADR 130,781 USD 6,076,692 5,414,987 1.50Magnit OJSC 22,038 USD 3,841,207 3,073,136 0.85MMC Norilsk Nickel OJSC 5,720 USD 936,611 755,619 0.21MMC Norilsk Nickel PJSC ADR 489,970 USD 7,564,430 6,472,504 1.80Mobile TeleSystems PJSC 2,397,110 USD 9,366,993 9,097,294 2.53Novatek OJSC GDR 37,235 USD 3,992,827 3,801,694 1.06Sberbank of Russia 4,222,063 USD 10,210,008 8,722,896 2.42Sberbank of Russia PJSC ADR 1,698,833 USD 12,342,593 14,773,051 4.10Surgutneftegas OAO - Pref 12,126,300 USD 7,853,234 7,275,356 2.02TMK PJSC GDR 1,404,720 USD 8,136,340 3,905,122 1.08

109,535,901 91,212,611 25.33

South Africa African Rainbow Minerals Ltd 503,519 ZAR 3,898,683 3,181,736 0.88Barclays Africa Group Ltd 1,607,107 ZAR 18,713,666 15,796,415 4.39FirstRand Ltd 6,142,338 ZAR 19,685,792 18,772,341 5.21Imperial Holdings Ltd 1,192,880 ZAR 12,912,776 12,166,668 3.38MTN Group Ltd 2,149,652 ZAR 29,888,936 21,019,598 5.84Naspers Ltd 236,084 ZAR 27,133,525 36,051,056 10.01Sasol Ltd 330,871 ZAR 13,650,314 8,833,854 2.45Steinhoff International Holdings Ltd 2,453,489 ZAR 11,283,964 14,003,245 3.89Truworths International Ltd 1,212,343 ZAR 8,182,281 7,100,649 1.97

145,349,937 136,925,562 38.02

Turkey Emlak Konut Gayrimenkul Yatirim Ortakligi AS (REIT) 10,843,551 TRY 11,822,175 10,714,158 2.97Haci Omer Sabanci Holding AS 2,999,497 TRY 10,046,371 9,743,828 2.71Tupras Turkiye Petrol Rafinerileri AS 317,731 TRY 7,178,074 7,011,317 1.95Turk Hava Yollari AO 2,258,455 TRY 4,533,351 4,494,330 1.25Turkiye Halk Bankasi AS 1,898,658 TRY 10,682,790 5,621,422 1.56Turkiye Sinai Kalkinma Bankasi AS 14,673,002 TRY 7,786,375 6,765,692 1.88

52,049,136 44,350,747 12.32

(expressed in USD)

EMERGING EUROPE, MIDDLE EAST AND AFRICA DYNAMIC FUND

93




% net assets

Statement of Investments as at June 30, 2016 (expressed in USD)

EMERGING EUROPE, MIDDLE EAST AND AFRICA DYNAMIC FUND (continued)

United Arab Emirates First Gulf Bank PJSC 2,978,443 AED 11,480,610 10,217,005 2.83Union National Bank PJSC 600,094 AED 646,287 669,834 0.19

12,126,897 10,886,839 3.02

Total Shares 388,934,771 341,979,369 94.96




94




% net assets



BONDS

Australia APT Pipelines Ltd 1.375% 22/3/2022 'EMTN' 650,000 EUR 612,737 642,252 0.12APT Pipelines Ltd 2% 22/3/2027 'EMTN' 1,068,000 EUR 966,153 1,011,108 0.20BHP Billiton Finance Ltd FRN 22/10/2079 1,961,000 EUR 1,952,145 2,071,973 0.40BHP Billiton Finance Ltd 3.125% 29/4/2033 1,673,000 EUR 1,695,708 1,998,900 0.39BHP Billiton Finance Ltd 3.25% 24/9/2027 1,441,000 EUR 1,463,087 1,697,671 0.33Commonwealth Bank of Australia FRN 22/4/2027 'EMTN' 515,000 EUR 498,322 493,782 0.10National Australia Bank Ltd FRN 12/11/2024 'GMTN' 784,000 EUR 777,692 784,368 0.15Optus Finance Pty Ltd 3.5% 15/9/2020 'EMTN' 1,302,000 EUR 1,429,133 1,471,416 0.28Origin Energy Finance Ltd 2.5% 23/10/2020 'EMTN' 3,298,000 EUR 2,955,922 3,365,412 0.65Rio Tinto Finance USA Ltd 3.75% 15/6/2025 1,182,000 USD 975,285 1,104,355 0.21Santos Finance Ltd FRN 22/9/2070 'EMTN' 1,790,000 EUR 1,818,392 1,807,130 0.35Scentre Group Trust 1 1.5% 16/7/2020 'EMTN' 696,000 EUR 707,640 726,861 0.14Telstra Corp Ltd 2.5% 15/9/2023 'EMTN' 539,000 EUR 579,421 609,102 0.12

16,431,637 17,784,330 3.44

Austria Aton Group Finance GmbH 3.875% 8/11/2018 1,942,000 EUR 2,005,131 2,004,552 0.38Erste Group Bank AG 7.125% 10/10/2022 'EMTN' 1,623,000 EUR 1,833,127 1,944,127 0.37OMV AG FRN Perpetual 489,000 EUR 461,439 503,919 0.10Raiffeisen Bank International AG FRN 21/2/2025 'EMTN' 100,000 EUR 96,249 83,000 0.02UNIQA Insurance Group AG FRN 27/7/2046 1,500,000 EUR 1,425,810 1,531,755 0.30Vienna Insurance Group AG Wiener Versicherung Gruppe FRN 9/10/2043 400,000 EUR 421,272 422,884 0.08

6,243,028 6,490,237 1.25

Belgium Anheuser-Busch InBev SA/NV 0.625% 17/3/2020 'EMTN' 500,000 EUR 503,809 508,850 0.10Anheuser-Busch InBev SA/NV 1.5% 17/3/2025 'EMTN' 2,025,000 EUR 2,035,482 2,121,795 0.42Anheuser-Busch InBev SA/NV 2.7% 31/3/2026 'EMTN' 1,395,000 EUR 1,599,113 1,619,735 0.31Anheuser-Busch InBev SA/NV 2.75% 17/3/2036 'EMTN' 1,245,000 EUR 1,240,611 1,415,515 0.27Elia System Operator SA/NV 1.375% 27/5/2024 'EMTN' 700,000 EUR 736,226 739,326 0.14Elia System Operator SA/NV 3.25% 4/4/2028 'EMTN' 900,000 EUR 1,009,861 1,106,055 0.21KBC Group NV FRN 11/3/2027 'EMTN' 1,900,000 EUR 1,832,493 1,837,889 0.36KBC Group NV 1% 26/4/2021 'EMTN' 500,000 EUR 497,094 508,410 0.10

9,454,689 9,857,575 1.91

Bermuda Bacardi Ltd 2.75% 3/7/2023 1,695,000 EUR 1,796,466 1,876,941 0.36

Canada Alimentation Couche-Tard Inc 1.875% 6/5/2026 730,000 EUR 729,160 750,966 0.15Great-West Lifeco Inc 2.5% 18/4/2023 'REGS' 1,725,000 EUR 1,804,495 1,887,460 0.36Magna International Inc 1.9% 24/11/2023 615,000 EUR 623,339 651,254 0.13Repsol Oil & Gas Canada Inc 3.75% 1/2/2021 1,120,000 USD 957,800 918,096 0.18Repsol Oil & Gas Canada Inc 7.75% 1/6/2019 715,000 USD 703,395 693,840 0.13

4,818,189 4,901,616 0.95

Cayman Islands Hutchison Whampoa Europe Finance 13 Ltd FRN Perpetual 598,000 EUR 583,651 610,624 0.12Principal Financial Global Funding II LLC 4.5% 26/1/2017 'EMTN' 450,000 EUR 459,969 460,476 0.09

1,043,620 1,071,100 0.21

Denmark Danica Pension Livsforsikrings AB FRN 29/9/2045 1,472,000 EUR 1,451,610 1,451,760 0.28Danske Bank A/S FRN 19/5/2026 'EMTN' 1,415,000 EUR 1,475,788 1,474,840 0.29TDC A/S 1.75% 27/2/2027 'EMTN' 2,018,000 EUR 1,774,401 1,919,663 0.37

4,701,799 4,846,263 0.94

(expressed in EUR)

EUROPEAN INVESTMENT GRADE BOND FUND

95




% net assets

Statement of Investments as at June 30, 2016(expressed in EUR)

EUROPEAN INVESTMENT GRADE BOND FUND (continued)

Finland Elenia Finance OYJ 2.875% 17/12/2020 'EMTN' 1,825,000 EUR 1,910,469 1,969,906 0.38Fingrid OYJ 3.5% 3/4/2024 'EMTN' 1,003,000 EUR 1,161,535 1,212,316 0.23Fortum OYJ 6% 20/3/2019 'EMTN' 480,000 EUR 554,481 555,840 0.11Teollisuuden Voima OYJ 2.125% 4/2/2025 'EMTN' 1,247,000 EUR 1,135,612 1,179,537 0.23Teollisuuden Voima OYJ 4.625% 4/2/2019 'EMTN' 1,324,000 EUR 1,415,188 1,436,116 0.28

6,177,285 6,353,715 1.23

France Aeroports de Paris 3.886% 10/5/2020 1,200,000 EUR 1,350,047 1,377,012 0.27Air Liquide Finance SA 0.125% 13/6/2020 'EMTN' 400,000 EUR 398,885 401,628 0.08Air Liquide Finance SA 0.5% 13/6/2022 'EMTN' 300,000 EUR 299,667 303,447 0.06Areva SA 3.125% 20/3/2023 'EMTN' 200,000 EUR 199,242 155,052 0.03AXA SA FRN 6/7/2047 'EMTN' 629,000 EUR 624,080 621,943 0.12AXA SA FRN Perpetual 'EMTN' 2,621,000 EUR 2,545,265 2,563,050 0.50Banque Federative du Credit Mutuel SA 2.625% 18/3/2024 'EMTN' 900,000 EUR 983,794 1,028,187 0.20Banque Federative du Credit Mutuel SA 3% 21/5/2024 'EMTN' 2,708,000 EUR 2,826,430 2,873,080 0.55BioMerieux 2.875% 14/10/2020 700,000 EUR 736,125 748,223 0.14BNP Paribas Cardif SA FRN Perpetual 2,400,000 EUR 2,267,456 2,290,440 0.44BNP Paribas SA 1.125% 15/1/2023 'EMTN' 1,283,000 EUR 1,281,231 1,320,130 0.26BPCE SA 0.625% 20/4/2020 'EMTN' 1,000,000 EUR 998,374 1,014,030 0.20BPCE SA 4.25% 6/2/2023 'EMTN' 400,000 EUR 480,151 493,884 0.10BPCE SA 4.625% 18/7/2023 3,100,000 EUR 3,489,946 3,557,838 0.68Bureau Veritas SA 3.125% 21/1/2021 1,500,000 EUR 1,594,894 1,620,690 0.31CARMILA SAS 2.375% 18/9/2023 1,000,000 EUR 1,021,790 1,067,330 0.21Casino Guichard Perrachon SA 2.798% 5/8/2026 'EMTN' 2,300,000 EUR 1,981,720 2,349,634 0.45Christian Dior SE 0.75% 24/6/2021 2,400,000 EUR 2,403,863 2,407,368 0.47Christian Dior SE 1.375% 19/6/2019 1,200,000 EUR 1,217,839 1,230,372 0.24CNP Assurances FRN Perpetual 700,000 EUR 650,761 647,584 0.13CNP Assurances FRN 14/9/2040 500,000 EUR 521,277 540,530 0.10Credit Agricole Assurances SA FRN Perpetual 1,700,000 EUR 1,592,787 1,598,170 0.31Credit Agricole Assurances SA FRN Perpetual 1,600,000 EUR 1,530,419 1,512,000 0.29Credit Agricole SA 2.625% 17/3/2027 865,000 EUR 827,701 855,961 0.17Credit Agricole SA/London 0.75% 1/12/2022 'EMTN' 3,200,000 EUR 3,188,487 3,220,799 0.61Credit Agricole SA/London 1.25% 14/4/2026 'EMTN' 1,400,000 EUR 1,398,343 1,427,468 0.28Credit Agricole SA/London 2.375% 27/11/2020 'EMTN' 2,200,000 EUR 2,354,731 2,404,842 0.46Credit Agricole SA/London 2.375% 20/5/2024 'EMTN' 2,200,000 EUR 2,371,783 2,465,738 0.48Danone SA 3.6% 23/11/2020 'EMTN' 1,450,000 EUR 1,663,385 1,668,095 0.32Edenred 1.375% 10/3/2025 2,300,000 EUR 2,015,268 2,210,392 0.43Electricite de France SA FRN Perpetual 'EMTN' 2,500,000 EUR 2,340,421 2,341,275 0.45Electricite de France SA 2.75% 10/3/2023 'EMTN' 2,300,000 EUR 2,476,577 2,617,308 0.51Electricite de France SA 4% 12/11/2025 'EMTN' 1,100,000 EUR 1,277,110 1,382,667 0.27Electricite de France SA 4.125% 25/3/2027 'EMTN' 800,000 EUR 942,463 1,027,176 0.20Electricite de France SA 5.625% 21/2/2033 'EMTN' 642,000 EUR 872,404 981,303 0.19Engie SA FRN Perpetual 3,400,000 EUR 3,573,478 3,742,923 0.71Fonciere Des Regions 1.875% 20/5/2026 700,000 EUR 698,192 724,255 0.14Gecina SA 2% 17/6/2024 'EMTN' 800,000 EUR 799,706 865,648 0.17La Banque Postale SA FRN 23/4/2026 'EMTN' 500,000 EUR 511,511 507,260 0.10Mercialys SA 1.787% 31/3/2023 1,500,000 EUR 1,426,158 1,543,830 0.30Orange SA FRN Perpetual 'EMTN' 1,382,000 EUR 1,361,633 1,432,927 0.28Orange SA FRN Perpetual 1,462,000 EUR 1,474,264 1,563,507 0.30Orange SA 8.125% 28/1/2033 'EMTN' 493,000 EUR 800,006 942,651 0.18RTE Reseau de Transport d'Electricite SA 1.625% 27/11/2025 'EMTN' 400,000 EUR 397,179 429,396 0.08RTE Reseau de Transport d'Electricite SA 2.875% 12/9/2023 'EMTN' 600,000 EUR 640,078 700,200 0.14SCOR SE FRN Perpetual 1,600,000 EUR 1,604,111 1,583,312 0.31SNCF Mobilites Group 4.875% 12/6/2023 'EMTN' 2,100,000 EUR 2,684,740 2,794,974 0.54Societe Des Autoroutes Paris-Rhin-Rhone 4.875% 21/1/2019 'EMTN' 900,000 EUR 1,007,024 1,008,009 0.19Societe Fonciere Lyonnaise SA 2.25% 16/11/2022 700,000 EUR 720,164 751,198 0.15Sogecap SA FRN Perpetual 1,900,000 EUR 1,780,151 1,759,267 0.34TOTAL SA FRN Perpetual 'EMTN' 2,229,000 EUR 2,124,117 2,148,979 0.42

96




% net assets



TOTAL SA FRN Perpetual 'EMTN' 3,121,000 EUR 2,688,025 2,889,640 0.55Vilmorin & Cie SA 2.375% 26/5/2021 900,000 EUR 916,686 938,412 0.18Wendel SA 2.5% 9/2/2027 1,200,000 EUR 1,034,733 1,196,172 0.23Wendel SA 3.75% 21/1/2021 1,100,000 EUR 1,155,819 1,222,782 0.24

80,122,491 83,069,988 16.06

Germany Allianz SE FRN 7/7/2045 4,900,000 EUR 4,482,131 4,561,214 0.89Alstria office REIT-AG 2.125% 12/4/2023 1,600,000 EUR 1,609,891 1,677,984 0.32Alstria office REIT-AG 2.25% 24/3/2021 700,000 EUR 698,562 736,617 0.14Bayer AG FRN 2/4/2075 1,308,000 EUR 1,231,289 1,240,272 0.24Bertelsmann SE & Co KGaA FRN 23/4/2075 400,000 EUR 384,457 392,312 0.08Commerzbank AG 4% 23/3/2026 'EMTN' 1,834,000 EUR 1,831,958 1,867,452 0.36Daimler AG 0.5% 9/9/2019 'EMTN' 2,530,000 EUR 2,549,320 2,566,862 0.50Deutsche Bank AG 2.375% 11/1/2023 'EMTN' 600,000 EUR 624,875 639,318 0.12Deutsche Bank AG 2.75% 17/2/2025 'EMTN' 1,615,000 EUR 1,518,003 1,445,425 0.28Deutsche Boerse AG 2.375% 5/10/2022 1,164,000 EUR 1,257,720 1,317,799 0.25EnBW Energie Baden-Wuerttemberg AG FRN 2/4/2076 'EMTN' 489,000 EUR 466,585 470,633 0.09EnBW Energie Baden-Wuerttemberg AG FRN 2/4/2072 'EMTN' 1,036,000 EUR 1,087,891 1,075,575 0.21Eurogrid GmbH 1.5% 18/4/2028 'EMTN' 400,000 EUR 399,143 415,888 0.08Eurogrid GmbH 3.875% 22/10/2020 'EMTN' 1,100,000 EUR 1,207,369 1,272,502 0.25EWE AG 5.25% 16/7/2021 50,000 EUR 61,096 61,580 0.01Hannover Rueck SE FRN Perpetual 1,800,000 EUR 1,758,281 1,782,000 0.34Infineon Technologies AG 1% 10/9/2018 474,000 EUR 474,123 480,565 0.09KFW 0.375% 23/4/2030 'EMTN' 1,315,000 EUR 1,256,726 1,312,199 0.25KFW 1.25% 4/7/2036 'EMTN' 1,645,000 EUR 1,715,641 1,840,196 0.36Landesbank Baden-Wuerttemberg FRN 27/5/2026 'EMTN' 300,000 EUR 300,606 296,940 0.06Merck KGaA FRN 12/12/2074 877,000 EUR 855,429 886,963 0.17Muenchener Rueckversicherungs AG FRN 26/5/2042 'EMTN' 1,000,000 EUR 1,211,091 1,202,950 0.23Volkswagen Leasing GmbH 2.625% 15/1/2024 'EMTN' 3,678,000 EUR 3,738,513 4,036,789 0.78

30,720,700 31,580,035 6.10

Guernsey Credit Suisse Group Funding Guernsey Ltd 1.25% 14/4/2022 'EMTN' 3,003,000 EUR 2,902,982 2,924,231 0.57

International Corp Andina de Fomento 1% 10/11/2020 'EMTN' 1,500,000 EUR 1,531,395 1,536,015 0.30European Investment Bank 0.875% 13/9/2024 'EMTN' 258,000 EUR 272,686 275,732 0.05European Investment Bank 1% 14/4/2032 2,080,000 EUR 2,139,946 2,177,885 0.42European Investment Bank 2.75% 13/9/2030 1,527,000 EUR 1,954,065 1,988,062 0.38European Investment Bank 3.5% 15/4/2027 'EMTN' 2,015,000 EUR 2,659,531 2,708,543 0.53

8,557,623 8,686,237 1.68

Ireland ESB Finance Ltd 1.875% 14/6/2031 'EMTN' 348,000 EUR 347,148 359,815 0.07FCA Capital Ireland Plc 1.25% 23/9/2020 'EMTN' 510,000 EUR 507,770 512,270 0.10FCA Capital Ireland Plc 2% 23/10/2019 'EMTN' 339,000 EUR 341,257 348,716 0.07FCA Capital Ireland Plc 2.625% 17/4/2019 'EMTN' 816,000 EUR 833,222 853,112 0.16GE Capital European Funding Unlimited Co 2.25% 20/7/2020 'EMTN' 2,700,000 EUR 2,932,325 2,937,518 0.58Lunar Funding V for Swisscom AG 2% 30/9/2020 2,320,000 EUR 2,462,710 2,501,377 0.48Silverback Finance Ltd 3.126% 25/2/2037 2,228,712 EUR 2,183,476 2,191,850 0.42

9,607,908 9,704,658 1.88

Italy ACEA SpA 3.75% 12/9/2018 281,000 EUR 295,735 303,502 0.06Assicurazioni Generali SpA FRN 27/10/2047 'EMTN' 1,194,000 EUR 1,234,962 1,222,119 0.24Assicurazioni Generali SpA FRN 12/12/2042 'EMTN' 600,000 EUR 715,247 691,710 0.13Assicurazioni Generali SpA FRN 10/7/2042 'EMTN' 100,000 EUR 119,078 126,780 0.02Atlantia SpA 3.625% 30/11/2018 1,510,000 EUR 1,637,623 1,637,051 0.32Davide Campari-Milano SpA 4.5% 25/10/2019 1,777,000 EUR 1,916,110 1,964,616 0.38

97




% net assets



Eni SpA 3.25% 10/7/2023 'EMTN' 1,165,000 EUR 1,290,210 1,364,506 0.26Eni SpA 3.625% 29/1/2029 'EMTN' 766,000 EUR 866,897 952,697 0.18EXOR SpA 2.125% 2/12/2022 1,486,000 EUR 1,463,131 1,563,599 0.30EXOR SpA 2.5% 8/10/2024 351,000 EUR 347,461 368,550 0.07Immobiliare Grande Distribuzione SIIQ SpA 2.5% 31/5/2021 828,000 EUR 827,430 831,709 0.16Intesa Sanpaolo SpA 4% 30/10/2023 'EMTN' 4,887,000 EUR 5,547,985 5,706,649 1.11Intesa Sanpaolo Vita SpA FRN Perpetual 900,000 EUR 875,923 866,934 0.17Snam SpA 5% 18/1/2019 'EMTN' 1,245,000 EUR 1,393,233 1,398,907 0.27Societa Esercizi Aereoportuali SpA Sea 3.125% 17/4/2021 934,000 EUR 949,225 975,722 0.19UniCredit SpA FRN 28/10/2025 'EMTN' 189,000 EUR 188,869 195,212 0.04UniCredit SpA 2% 4/3/2023 'EMTN' 356,000 EUR 353,358 360,717 0.07UniCredit SpA 3.25% 14/1/2021 'EMTN' 2,736,000 EUR 2,909,446 2,973,649 0.57UniCredit SpA 6.95% 31/10/2022 'EMTN' 263,000 EUR 268,268 294,949 0.06

23,200,191 23,799,578 4.60

Japan Nomura Europe Finance NV 1.5% 12/5/2021 'EMTN' 750,000 EUR 750,083 767,993 0.15

Jersey Delphi Automotive Plc 1.5% 10/3/2025 1,053,000 EUR 985,034 1,030,919 0.20Heathrow Funding Ltd 4.6% 15/2/2018 'REGS' 1,420,000 EUR 1,523,767 1,521,572 0.29

2,508,801 2,552,491 0.49

Luxembourg Alpha Trains Finance SA 2.064% 30/6/2025 'EMTN' 1,765,000 EUR 1,643,950 1,675,109 0.32DH Europe Finance SA 2.5% 8/7/2025 1,682,000 EUR 1,768,633 1,900,845 0.37GELF Bond Issuer I SA 1.75% 22/11/2021 'EMTN' 1,730,000 EUR 1,780,071 1,805,255 0.35Glencore Finance Europe SA 1.75% 17/3/2025 'EMTN' 3,078,000 EUR 2,076,988 2,590,414 0.50Glencore Finance Europe SA 3.75% 1/4/2026 'EMTN' 2,906,000 EUR 2,418,609 2,802,779 0.54Grand City Properties SA 1.5% 17/4/2025 900,000 EUR 828,366 882,711 0.17Grand City Properties SA 2% 29/10/2021 700,000 EUR 731,284 734,363 0.14Prologis International Funding II SA 1.876% 17/4/2025 'EMTN' 1,155,000 EUR 1,097,756 1,193,138 0.23Tyco International Finance SA 1.375% 25/2/2025 1,663,000 EUR 1,585,761 1,642,412 0.32

13,931,418 15,227,026 2.94

Mexico America Movil SAB de CV FRN 6/9/2073 465,000 EUR 474,199 488,194 0.09America Movil SAB de CV 4.125% 25/10/2019 'EMTN' 1,710,000 EUR 1,909,342 1,909,779 0.38Petroleos Mexicanos 2.75% 21/4/2027 'EMTN' 688,000 EUR 596,095 573,689 0.11Petroleos Mexicanos 5.125% 15/3/2023 'EMTN' 1,725,000 EUR 1,791,923 1,828,845 0.35

4,771,559 4,800,507 0.93

Netherlands ABN AMRO Bank NV FRN 30/6/2025 'EMTN' 3,536,000 EUR 3,581,783 3,610,998 0.70ABN AMRO Bank NV 2.125% 26/11/2020 'EMTN' 1,134,000 EUR 1,206,528 1,226,591 0.24ABN AMRO Bank NV 7.125% 6/7/2022 'EMTN' 200,000 EUR 246,530 250,742 0.05Achmea BV FRN Perpetual 'EMTN' 2,715,000 EUR 2,480,906 2,365,009 0.46Aegon NV FRN 25/4/2044 'EMTN' 2,515,000 EUR 2,411,278 2,286,613 0.44Alliander NV 2.25% 14/11/2022 'EMTN' 1,730,000 EUR 1,868,949 1,954,727 0.38ASML Holding NV 3.375% 19/9/2023 1,667,000 EUR 1,851,661 1,945,322 0.38ASR Nederland NV FRN 29/9/2045 1,671,000 EUR 1,640,200 1,686,139 0.33Atrium European Real Estate Ltd 3.625% 17/10/2022 1,177,000 EUR 1,223,624 1,269,854 0.25BMW Finance NV 3.25% 14/1/2019 'EMTN' 2,465,000 EUR 2,658,955 2,670,754 0.52Bunge Finance Europe BV 1.85% 16/6/2023 994,000 EUR 993,289 1,007,578 0.19Citycon Treasury BV 2.375% 16/9/2022 1,515,000 EUR 1,596,014 1,637,882 0.32Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands FRN 26/5/2026 3,741,000 EUR 3,756,224 3,793,373 0.72Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands FRN Perpetual 1,200,000 EUR 1,209,670 1,203,264 0.23Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.125% 12/1/2021 'EMTN' 2,011,000 EUR 2,311,323 2,355,786 0.46

98




% net assets



Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.125% 14/7/2025 2,087,000 EUR 2,579,460 2,681,545 0.52Delta Lloyd Levensverzekering NV FRN 29/8/2042 1,138,000 EUR 1,208,705 1,281,968 0.25Delta Lloyd NV FRN Perpetual 'EMTN' 1,030,000 EUR 973,913 769,482 0.15Demeter Investments BV for Zurich Insurance Co Ltd FRN 1/10/2046 'EMTN' 1,270,000 EUR 1,268,115 1,268,565 0.25Deutsche Bahn Finance BV 3% 8/3/2024 'EMTN' 943,000 EUR 1,069,730 1,138,852 0.22Deutsche Bahn Finance BV 3.75% 1/6/2021 'EMTN' 2,113,000 EUR 2,450,455 2,505,490 0.48EnBW International Finance BV 6.125% 7/7/2039 'EMTN' 835,000 EUR 1,245,773 1,432,459 0.28Enexis Holding NV 1.875% 13/11/2020 'EMTN' 912,000 EUR 956,996 986,884 0.19Generali Finance BV FRN Perpetual 'EMTN' 1,824,000 EUR 1,659,602 1,695,846 0.33Heineken NV 2.125% 4/8/2020 'EMTN' 1,520,000 EUR 1,627,783 1,635,398 0.32ING Bank NV FRN 25/2/2026 1,270,000 EUR 1,357,771 1,350,442 0.26ING Bank NV 4.5% 21/2/2022 'EMTN' 2,450,000 EUR 2,934,374 2,999,363 0.58JAB Holdings BV 1.625% 30/4/2025 1,000,000 EUR 988,966 998,150 0.19JAB Holdings BV 1.75% 25/5/2023 1,100,000 EUR 1,097,453 1,132,615 0.22Koninklijke KPN NV 8.375% 1/10/2030 1,630,000 USD 1,953,264 2,044,111 0.40LeasePlan Corp NV 1% 8/4/2020 'EMTN' 1,800,000 EUR 1,800,452 1,820,358 0.35LYB International Finance II BV 1.875% 2/3/2022 122,000 EUR 121,548 127,440 0.02LyondellBasell Industries NV 4.625% 26/2/2055 1,903,000 USD 1,509,554 1,674,370 0.32NN Group NV FRN Perpetual 2,035,000 EUR 1,944,004 1,938,460 0.37PACCAR Financial Europe BV 0.125% 24/5/2019 'EMTN' 662,000 EUR 660,936 664,357 0.13Ren Finance BV 2.5% 12/2/2025 'EMTN' 200,000 EUR 198,515 210,816 0.04RWE Finance BV 6.5% 10/8/2021 'EMTN' 1,120,000 EUR 1,423,688 1,427,675 0.28RWE Finance II BV 5.75% 14/2/2033 'EMTN' 150,000 EUR 203,847 208,836 0.04Shell International Finance BV 4.55% 12/8/2043 1,357,000 USD 1,230,436 1,355,090 0.26SPP Infrastructure Financing BV 2.625% 12/2/2025 'REGS' 1,161,000 EUR 1,096,296 1,211,933 0.23Swiss Reinsurance Co via ELM BV FRN Perpetual 749,000 EUR 699,431 681,028 0.13Telefonica Europe BV 5.875% 14/2/2033 'EMTN' 840,000 EUR 1,240,888 1,303,840 0.25TenneT Holding BV 0.875% 4/6/2021 'EMTN' 206,000 EUR 205,431 213,408 0.04TenneT Holding BV 2.125% 1/11/2020 'EMTN' 1,400,000 EUR 1,516,318 1,523,620 0.29TenneT Holding BV 4.5% 9/2/2022 'EMTN' 756,000 EUR 850,679 928,943 0.18Urenco Finance NV 2.25% 5/8/2022 'EMTN' 320,000 EUR 319,830 340,432 0.07Urenco Finance NV 2.375% 2/12/2024 'EMTN' 1,860,000 EUR 1,823,755 1,976,864 0.38Urenco Finance NV 2.5% 15/2/2021 'EMTN' 600,000 EUR 610,349 642,186 0.12Vesteda Finance BV 1.75% 22/7/2019 'EMTN' 1,172,000 EUR 1,184,074 1,215,036 0.23Vesteda Finance BV 2.5% 27/10/2022 'EMTN' 1,182,000 EUR 1,208,045 1,284,373 0.25Volkswagen International Finance NV FRN Perpetual 1,255,000 EUR 1,097,306 1,185,423 0.23Volkswagen International Finance NV FRN Perpetual 1,073,000 EUR 1,011,316 1,097,067 0.21Volkswagen International Finance NV 2% 14/1/2020 'EMTN' 900,000 EUR 927,875 949,077 0.18Volkswagen International Finance NV 3.3% 22/3/2033 'EMTN' 500,000 EUR 537,882 582,830 0.11Vonovia Finance BV FRN Perpetual 2,700,000 EUR 2,659,917 2,727,188 0.53Vonovia Finance BV 0.875% 10/6/2022 'EMTN' 900,000 EUR 895,812 909,981 0.18

79,387,478 81,386,433 15.73

Norway DNB Bank ASA 3.875% 29/6/2020 'EMTN' 1,727,000 EUR 1,953,150 1,983,183 0.39Santander Consumer Bank AS 0.625% 20/4/2018 'EMTN' 900,000 EUR 900,237 903,735 0.17Statkraft AS 6.625% 2/4/2019 'EMTN' 730,000 EUR 858,716 860,013 0.17Statoil ASA 2% 10/9/2020 'EMTN' 350,000 EUR 368,857 378,833 0.07Statoil ASA 5.625% 11/3/2021 'EMTN' 1,167,000 EUR 1,398,345 1,458,552 0.28

5,479,305 5,584,316 1.08

Panama Carnival Corp 1.125% 6/11/2019 896,000 EUR 897,152 915,040 0.18

Portugal Brisa Concessao Rodoviaria SA 1.875% 30/4/2025 'EMTN' 1,600,000 EUR 1,364,693 1,565,120 0.30

Spain ADIF - Alta Velocidad 3.5% 27/5/2024 'EMTN' 700,000 EUR 785,140 821,569 0.16Banco Bilbao Vizcaya Argentaria SA 1% 20/1/2021 'GMTN' 600,000 EUR 597,616 606,624 0.12BBVA Subordinated Capital SAU FRN 11/4/2024 500,000 EUR 502,007 508,960 0.10

99




% net assets



Merlin Properties Socimi SA 2.225% 25/4/2023 'EMTN' 625,000 EUR 625,000 640,294 0.12Santander Consumer Finance SA 1% 26/5/2021 'EMTN' 1,900,000 EUR 1,896,152 1,891,564 0.36Santander Issuances SAU 3.25% 4/4/2026 900,000 EUR 894,352 869,283 0.17Telefonica Emisiones SAU 2.932% 17/10/2029 'EMTN' 500,000 EUR 515,740 565,615 0.11

5,816,007 5,903,909 1.14

Sweden Alfa Laval Treasury International AB 1.375% 12/9/2022 'EMTN' 576,000 EUR 576,451 601,315 0.12Investor AB 4.875% 18/11/2021 'EMTN' 504,000 EUR 590,799 624,325 0.12Nordea Bank AB FRN 10/11/2025 'EMTN' 537,000 EUR 534,680 540,872 0.10Nordea Bank AB 4% 29/6/2020 'EMTN' 2,577,000 EUR 2,929,045 2,975,250 0.58SBAB Bank AB 1.375% 2/5/2018 'EMTN' 1,330,000 EUR 1,351,929 1,361,335 0.26SKF AB 1.625% 2/12/2022 914,000 EUR 911,175 946,255 0.18Svenska Cellulosa AB SCA 0.5% 26/5/2021 'EMTN' 756,000 EUR 753,017 761,473 0.15Svenska Handelsbanken AB 4.375% 20/10/2021 'EMTN' 2,749,000 EUR 3,257,428 3,347,210 0.64Telia Co AB 1.625% 23/2/2035 'EMTN' 2,571,000 EUR 2,222,751 2,488,008 0.48Vattenfall AB FRN 19/3/2077 223,000 EUR 176,499 181,950 0.04

13,303,774 13,827,993 2.67

Switzerland Credit Suisse AG/London 1.5% 10/4/2026 'EMTN' 1,393,000 EUR 1,382,510 1,423,256 0.28Demeter Investments BV for Swiss Life AG FRN Perpetual 1,261,000 EUR 1,216,224 1,205,201 0.23UBS AG/London 0.5% 15/5/2018 'EMTN' 1,510,000 EUR 1,515,232 1,522,850 0.29UBS AG/London 1.25% 3/9/2021 'EMTN' 1,071,000 EUR 1,090,619 1,119,677 0.22

5,204,585 5,270,984 1.02

United Kingdom 3i Group Plc 5.625% 17/3/2017 'EMTN' 1,370,000 EUR 1,412,511 1,421,992 0.27Anglo American Capital Plc 3.25% 3/4/2023 'EMTN' 2,840,000 EUR 2,056,217 2,585,819 0.49Aon Plc 2.875% 14/5/2026 1,664,000 EUR 1,717,551 1,771,112 0.34Aviva Plc FRN 4/12/2045 'EMTN' 1,561,000 EUR 1,436,172 1,442,208 0.28Aviva Plc FRN 5/7/2043 'EMTN' 400,000 EUR 454,862 442,200 0.09Babcock International Group Plc 1.75% 6/10/2022 'EMTN' 862,000 EUR 867,080 872,973 0.17Barclays Bank Plc 6% 14/1/2021 'EMTN' 1,004,000 EUR 1,115,766 1,133,968 0.22Barclays Plc FRN 11/11/2025 'EMTN' 325,000 EUR 307,741 305,552 0.06Barclays Plc 1.875% 23/3/2021 'EMTN' 650,000 EUR 659,851 656,968 0.13BAT International Finance Plc 1% 23/5/2022 'EMTN' 1,359,000 EUR 1,347,376 1,379,779 0.27BP Capital Markets Plc 1.109% 16/2/2023 'EMTN' 1,255,000 EUR 1,218,883 1,281,644 0.25BP Capital Markets Plc 1.953% 3/3/2025 'EMTN' 733,000 EUR 733,000 783,834 0.15BP Capital Markets Plc 2.213% 25/9/2026 'EMTN' 1,755,000 EUR 1,776,753 1,927,025 0.37British Telecommunications Plc 1.125% 10/6/2019 'EMTN' 1,340,000 EUR 1,376,588 1,375,751 0.27Centrica Plc FRN 10/4/2076 2,135,000 EUR 1,842,437 1,974,363 0.38Coventry Building Society 2.5% 18/11/2020 1,354,000 EUR 1,416,986 1,421,822 0.27DS Smith Plc 2.25% 16/9/2022 'EMTN' 1,875,000 EUR 1,881,166 1,937,063 0.37Experian Finance Plc 4.75% 4/2/2020 'EMTN' 319,000 EUR 367,425 367,890 0.07Hammerson Plc 2% 1/7/2022 587,000 EUR 594,025 603,072 0.12HBOS Plc FRN 18/3/2030 'EMTN' 1,765,000 EUR 1,972,839 1,900,693 0.37HSBC Holdings Plc FRN Perpetual 336,000 EUR 308,361 301,762 0.06HSBC Holdings Plc 1.5% 15/3/2022 'EMTN' 1,161,000 EUR 1,154,557 1,188,086 0.23HSBC Holdings Plc 2.5% 15/3/2027 'EMTN' 685,000 EUR 705,171 732,450 0.14HSBC Holdings Plc 3% 30/6/2025 'EMTN' 675,000 EUR 688,970 688,169 0.13Leeds Building Society 2.625% 1/4/2021 'EMTN' 1,655,000 EUR 1,715,240 1,708,986 0.33Lloyds Bank Plc 0.625% 20/4/2020 'EMTN' 556,000 EUR 550,625 552,581 0.11Lloyds Bank Plc 1.25% 13/1/2025 'EMTN' 604,000 EUR 595,429 601,699 0.12Lloyds Bank Plc 1.375% 8/9/2022 'EMTN' 1,789,000 EUR 1,788,172 1,823,993 0.35Nationwide Building Society 1.125% 3/6/2022 'EMTN' 1,724,000 EUR 1,713,212 1,736,102 0.34Nationwide Building Society 6.75% 22/7/2020 'EMTN' 490,000 EUR 577,952 571,492 0.11NGG Finance Plc FRN 18/6/2076 560,000 EUR 587,902 593,113 0.11Pearson Funding Five Plc 1.375% 6/5/2025 1,028,000 EUR 990,199 1,028,319 0.20Royal Bank of Scotland Group Plc 2.5% 22/3/2023 'EMTN' 1,027,000 EUR 1,020,145 1,015,035 0.20Santander UK Plc 0.875% 13/1/2020 'EMTN' 2,482,000 EUR 2,471,472 2,479,021 0.48Smiths Group Plc 1.25% 28/4/2023 1,290,000 EUR 1,242,184 1,256,370 0.24

100




% net assets



SSE Plc FRN Perpetual 540,000 EUR 506,622 502,756 0.10SSE Plc 1.75% 8/9/2023 'EMTN' 1,573,000 EUR 1,589,850 1,649,495 0.32Standard Chartered Plc 1.625% 13/6/2021 'EMTN' 615,000 EUR 601,675 627,103 0.12Standard Chartered Plc 3.625% 23/11/2022 'EMTN' 640,000 EUR 590,208 638,419 0.12Tesco Plc 5.125% 10/4/2047 'EMTN' 75,000 EUR 91,523 71,224 0.01Vodafone Group Plc 1.25% 25/8/2021 'EMTN' 2,255,000 EUR 2,249,364 2,318,004 0.45Wellcome Trust Ltd 1.125% 21/1/2027 330,000 EUR 320,011 338,039 0.07Yorkshire Building Society 1.25% 17/3/2022 'EMTN' 1,581,000 EUR 1,556,103 1,528,163 0.30Yorkshire Building Society 2.125% 18/3/2019 'EMTN' 1,183,000 EUR 1,217,733 1,213,971 0.23

49,387,909 50,750,080 9.81

United States of America Air Products & Chemicals Inc 0.375% 1/6/2021 1,371,000 EUR 1,366,021 1,379,706 0.27Albemarle Corp 1.875% 8/12/2021 1,708,000 EUR 1,665,345 1,756,866 0.34American International Group Inc 1.5% 8/6/2023 1,386,000 EUR 1,384,576 1,393,179 0.27Amgen Inc 4.663% 15/6/2051 'REGS' 1,851,000 USD 1,660,292 1,733,072 0.34AT&T Inc 2.45% 15/3/2035 2,899,000 EUR 2,683,751 2,973,881 0.57AT&T Inc 2.75% 19/5/2023 899,000 EUR 958,046 993,341 0.19Bank of America Corp 1.375% 10/9/2021 'EMTN' 1,403,000 EUR 1,404,809 1,453,115 0.28Bank of America Corp 1.625% 14/9/2022 'EMTN' 1,522,000 EUR 1,543,783 1,595,482 0.31Berkshire Hathaway Inc 1.3% 15/3/2024 2,030,000 EUR 2,081,944 2,099,994 0.41BorgWarner Inc 1.8% 7/11/2022 890,000 EUR 897,218 927,611 0.18Citigroup Inc 1.75% 28/1/2025 1,778,000 EUR 1,746,291 1,842,701 0.36Coca-Cola Co 0.75% 9/3/2023 1,820,000 EUR 1,825,143 1,854,471 0.36Coca-Cola European Partners US LLC 2.375% 7/5/2025 1,486,000 EUR 1,593,370 1,602,829 0.31Delphi Corp 5% 15/2/2023 46,000 USD 45,639 43,811 0.01Discovery Communications LLC 1.9% 19/3/2027 2,243,000 EUR 1,993,525 2,015,807 0.39Dover Corp 2.125% 1/12/2020 'EMTN' 1,998,000 EUR 2,067,799 2,133,285 0.41Dow Chemical Co 4.625% 1/10/2044 1,686,000 USD 1,460,889 1,608,289 0.31Flowserve Corp 1.25% 17/3/2022 1,934,000 EUR 1,802,294 1,908,452 0.37Fluor Corp 1.75% 21/3/2023 1,730,000 EUR 1,733,547 1,807,988 0.35GE Capital Trust IV FRN 15/9/2066 'REGS' 1,402,000 EUR 1,390,081 1,406,921 0.27General Electric Co 1.25% 26/5/2023 1,973,000 EUR 2,001,394 2,077,490 0.40Goldman Sachs Group Inc 0.75% 10/5/2019 'EMTN' 2,015,000 EUR 2,033,694 2,038,858 0.39Goldman Sachs Group Inc 1.375% 26/7/2022 'EMTN' 764,000 EUR 758,105 780,777 0.15Goldman Sachs Group Inc 2.5% 18/10/2021 'EMTN' 2,309,000 EUR 2,414,136 2,508,913 0.49Goldman Sachs Group Inc 3.25% 1/2/2023 'EMTN' 796,000 EUR 858,991 903,213 0.17Honeywell International Inc 1.3% 22/2/2023 1,748,000 EUR 1,759,677 1,814,581 0.35Illinois Tool Works Inc 1.75% 20/5/2022 'EMTN' 825,000 EUR 869,839 883,138 0.17Illinois Tool Works Inc 3% 19/5/2034 'EMTN' 643,000 EUR 676,032 789,186 0.15Johnson & Johnson 0.25% 20/1/2022 1,460,000 EUR 1,459,116 1,480,294 0.29JPMorgan Chase & Co 1.375% 16/9/2021 'EMTN' 1,602,000 EUR 1,617,127 1,670,181 0.32JPMorgan Chase & Co 1.5% 27/1/2025 'EMTN' 891,000 EUR 879,816 926,783 0.18JPMorgan Chase & Co 1.5% 29/10/2026 'EMTN' 727,000 EUR 722,003 742,216 0.14Kinder Morgan Inc/DE 1.5% 16/3/2022 375,000 EUR 352,697 359,055 0.07Liberty Mutual Group Inc 2.75% 4/5/2026 'REGS' 808,000 EUR 802,259 822,496 0.16Metropolitan Life Global Funding I 2.375% 30/9/2019 'GMTN' 3,933,000 EUR 4,131,451 4,195,096 0.80Metropolitan Life Global Funding I 2.375% 11/1/2023 'EMTN' 165,000 EUR 164,320 179,914 0.03Microsoft Corp 2.625% 2/5/2033 646,000 EUR 701,555 786,279 0.15Mohawk Industries Inc 2% 14/1/2022 1,060,000 EUR 1,062,590 1,099,008 0.21Mondelez International Inc 2.375% 26/1/2021 2,236,000 EUR 2,402,679 2,419,240 0.47Morgan Stanley 1.75% 30/1/2025 'GMTN' 2,052,000 EUR 2,026,317 2,094,292 0.40Morgan Stanley 2.375% 31/3/2021 'GMTN' 1,435,000 EUR 1,488,435 1,547,074 0.30Nasdaq Inc 3.875% 7/6/2021 927,000 EUR 1,006,181 1,050,106 0.20Oracle Corp 3.125% 10/7/2025 'EMTN' 1,723,000 EUR 1,966,255 2,068,754 0.40Petroleos Mexicanos 5.5% 24/2/2025 'REGS' 968,000 EUR 1,048,545 1,063,377 0.21Philip Morris International Inc 2.75% 19/3/2025 430,000 EUR 469,779 494,027 0.10Praxair Inc 1.5% 11/3/2020 'EMTN' 1,062,000 EUR 1,092,014 1,117,065 0.22Priceline Group Inc 1.8% 3/3/2027 487,000 EUR 407,868 461,501 0.09Priceline Group Inc 2.375% 23/9/2024 2,002,000 EUR 1,955,838 2,094,232 0.40Procter & Gamble Co 2% 5/11/2021 1,548,000 EUR 1,656,186 1,698,249 0.33Procter & Gamble Co 4.875% 11/5/2027 426,000 EUR 536,842 608,183 0.12Prologis LP 3% 18/1/2022 'EMTN' 2,238,000 EUR 2,340,728 2,474,221 0.48

101




% net assets



Prologis LP 3.375% 20/2/2024 276,000 EUR 289,344 317,118 0.06Simon Property Group LP 2.375% 2/10/2020 939,000 EUR 984,873 1,021,454 0.20SLM Student Loan Trust 2003-12 FRN 15/3/2038 'REGS' 1,870,000 GBP 2,060,351 1,881,921 0.36Southern Power Co 1% 20/6/2022 580,000 EUR 576,210 584,164 0.11Southern Power Co 1.85% 20/6/2026 1,560,000 EUR 1,557,747 1,579,828 0.31United Technologies Corp 1.125% 15/12/2021 1,402,000 EUR 1,394,293 1,446,163 0.28Verizon Communications Inc 2.625% 1/12/2031 1,095,000 EUR 1,211,165 1,222,261 0.24Verizon Communications Inc 4.672% 15/3/2055 636,000 USD 503,365 579,112 0.11Walgreens Boots Alliance Inc 2.125% 20/11/2026 1,210,000 EUR 1,202,473 1,226,117 0.24Wal-Mart Stores Inc 4.875% 21/9/2029 567,000 EUR 774,716 840,697 0.16Wells Fargo & Co 1.5% 12/9/2022 'EMTN' 3,179,000 EUR 3,231,666 3,331,083 0.64Wells Fargo & Co 1.625% 2/6/2025 'EMTN' 100,000 EUR 99,423 105,002 0.02Wells Fargo & Co 2.125% 4/6/2024 'EMTN' 700,000 EUR 710,565 764,806 0.15Wells Fargo & Co 2.25% 3/9/2020 'EMTN' 746,000 EUR 791,921 806,523 0.16WP Carey Inc 2% 20/1/2023 1,346,000 EUR 1,305,480 1,289,481 0.25

89,660,424 92,774,330 17.93

Total Bonds 478,241,796 494,272,726 95.55

SECURITISED ASSETS

United Kingdom Delamare Finance Plc 5.546% 19/2/2029 590,077 GBP 813,844 712,826 0.14

United States of America SLM Student Loan Trust 2003-10 FRN 15/12/2039 'REGS' 750,000 GBP 926,273 757,881 0.15SLM Student Loan Trust 2004-2 FRN 25/7/2039 'REGS' 2,510,000 EUR 2,061,582 2,202,363 0.42SLM Student Loan Trust 2005-9 FRN 25/1/2041 '2005 9X A7A' 630,000 EUR 551,824 618,126 0.12

3,539,679 3,578,370 0.69

Total Securitised Assets 4,353,523 4,291,196 0.83


BONDS

United States of America Washington Mutual Bank / Debt not acquired by JPMorgan 4.5% 17/1/2017 'GMTN' (Defaulted) 500,000 EUR 498,846 625 0.00

Total Bonds 498,846 625 0.00

Total Other Transferable Securities 498,846 625 0.00




102




% net assets



MUTUAL FUNDS

Ireland iShares $ Corporate Bond UCITS - ETF 19,339 USD 2,134,353 2,276,973 18.98iShares $ Short Duration High Yield Corporate Bond UCITS - ETF 20,090 USD 1,947,497 1,850,691 15.43iShares $ Treasury Bond 20+yr UCITS - ETF 98,471 USD 468,131 513,034 4.28iShares High Yield Corporate Bond UCITS - ETF 9,696 USD 967,076 975,224 8.13iShares Treasury Bond 7-10 UCITS - ETF 3,025 USD 603,215 629,563 5.25iShares USD Treasury Bond 1-3 UCITS - ETF 3,080 GBP 410,024 411,999 3.44

6,530,296 6,657,484 55.51

United Kingdom iShares JP Morgan $ Emerging Markets Bond UCITS - ETF 13,798 USD 1,490,315 1,562,624 13.03

Total Mutual Funds 8,020,611 8,220,108 68.54

BONDS

Indonesia Indonesia Government International Bond 5.875% 13/3/2020 'REGS' 600,000 USD 631,919 667,644 5.56Indonesia Treasury Bond 8.375% 15/3/2024 3,800,000,000 IDR 314,360 301,929 2.52

946,279 969,573 8.08

Russia Russian Foreign Bond - Eurobond 12.75% 24/6/2028 'REGS' 300,000 USD 476,753 522,000 4.35

United States of America United States Treasury Note/Bond 0.625% 31/5/2017 1,000,000 USD 999,840 1,000,937 8.36United States Treasury Note/Bond 1.625% 15/11/2022 430,000 USD 423,603 439,473 3.66United States Treasury Note/Bond 2.75% 15/11/2042 416,500 USD 395,498 457,109 3.81

1,818,941 1,897,519 15.83

Vietnam Vietnam Government Bond 10.8% 15/4/2017 7,397,900,000 VND 359,594 348,127 2.90

Total Bonds 3,601,567 3,737,219 31.16




(expressed in USD)

GLOBAL BOND NAVIGATOR FUND

103




% net assets



BONDS

Angola Angolan Government International Bond 9.5% 12/11/2025 'REGS' 3,500,000 USD 3,343,389 3,468,500 0.37

Argentina Argentine Republic Government International Bond 2.5% 31/12/2038 4,000,000 USD 2,639,268 2,700,000 0.29Argentine Republic Government International Bond 6.25% 22/4/2019 'REGS' 7,000,000 USD 7,000,000 7,308,000 0.79Argentine Republic Government International Bond 6.875% 22/4/2021 'REGS' 6,500,000 USD 6,545,844 6,906,250 0.75Argentine Republic Government International Bond 7.5% 22/4/2026 'REGS' 8,000,000 USD 8,206,539 8,700,000 0.94Argentine Republic Government International Bond 7.625% 22/4/2046 'REGS' 3,000,000 USD 2,956,063 3,262,500 0.35Provincia de Buenos Aires/Argentina 9.125% 16/3/2024 'REGS' 500,000 USD 493,705 546,250 0.06YPF SA 8.5% 23/3/2021 'REGS' 1,000,000 USD 1,000,000 1,062,500 0.11

28,841,419 30,485,500 3.29

Australia AusNet Services Holdings Pty Ltd FRN 17/3/2076 800,000 USD 799,751 852,248 0.09CNOOC Curtis Funding No 1 Pty Ltd 4.5% 3/10/2023 'REGS' 1,000,000 USD 997,521 1,078,750 0.12

1,797,272 1,930,998 0.21

Azerbaijan Republic of Azerbaijan International Bond 4.75% 18/3/2024 'REGS' 2,000,000 USD 2,051,756 2,023,000 0.22State Oil Co of the Azerbaijan Republic 4.75% 13/3/2023 'EMTN' 7,000,000 USD 6,738,147 6,702,500 0.72State Oil Co of the Azerbaijan Republic 6.95% 18/3/2030 1,500,000 USD 1,452,346 1,565,250 0.17

10,242,249 10,290,750 1.11

Bolivia Bolivian Government International Bond 4.875% 29/10/2022 'REGS' 500,000 USD 500,614 547,500 0.06Bolivian Government International Bond 5.95% 22/8/2023 'REGS' 2,000,000 USD 2,068,319 2,322,000 0.25

2,568,933 2,869,500 0.31

Brazil Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/7/2020 'REGS' 2,400,000 USD 2,457,640 2,433,000 0.26Banco Nacional de Desenvolvimento Economico e Social 5.75% 26/9/2023 'REGS' 5,000,000 USD 5,218,226 5,075,000 0.55Brazil Letras do Tesouro Nacional 0% 1/4/2017 7,000,000 BRL 1,960,023 1,981,304 0.21Brazilian Government International Bond 2.625% 5/1/2023 2,000,000 USD 1,752,628 1,820,000 0.20Brazilian Government International Bond 4.25% 7/1/2025 7,000,000 USD 6,706,144 6,870,499 0.73Brazilian Government International Bond 4.875% 22/1/2021 4,000,000 USD 4,158,150 4,206,000 0.45Brazilian Government International Bond 5% 27/1/2045 2,000,000 USD 1,962,383 1,775,000 0.19Brazilian Government International Bond 5.625% 7/1/2041 2,600,000 USD 2,555,411 2,496,000 0.27Brazilian Government International Bond 5.875% 15/1/2019 2,000,000 USD 2,121,494 2,186,000 0.24Brazilian Government International Bond 6% 7/4/2026 1,000,000 USD 986,400 1,080,000 0.12Brazilian Government International Bond 7.125% 20/1/2037 2,400,000 USD 2,386,259 2,676,000 0.29Brazilian Government International Bond 8.25% 20/1/2034 4,500,000 USD 5,793,578 5,433,750 0.58Brazilian Government International Bond 8.75% 4/2/2025 1,500,000 USD 1,950,221 1,905,000 0.21Caixa Economica Federal 3.5% 7/11/2022 'REGS' 1,000,000 USD 1,006,023 882,500 0.10

41,014,580 40,820,053 4.40

British Virgin Islands Chalco Hong Kong Investment Co Ltd FRN Perpetual 1,000,000 USD 1,025,129 1,012,500 0.11Charming Light Investments Ltd 5% 3/9/2024 'EMTN' 1,200,000 USD 1,222,865 1,277,464 0.14Dianjian Haixing Ltd FRN Perpetual 1,500,000 USD 1,541,993 1,541,771 0.17FPC Treasury Ltd 4.5% 16/4/2023 'REGS' 1,000,000 USD 980,247 1,013,770 0.11

(expressed in USD)

GLOBAL EMERGING MARKETS BOND FUND

104




% net assets


GLOBAL EMERGING MARKETS BOND FUND (continued)

King Power Capital Ltd 5.625% 3/11/2024 2,600,000 USD 2,743,799 2,878,864 0.30Sinochem Global Capital Co Ltd FRN Perpetual 'REGS' 1,300,000 USD 1,332,091 1,343,754 0.15Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 'REGS' 2,000,000 USD 2,002,489 2,133,330 0.23Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 'REGS' 1,100,000 USD 1,099,450 1,443,750 0.16Sinopec Capital 2013 Ltd 3.125% 24/4/2023 'REGS' 2,000,000 USD 1,914,005 2,001,409 0.22Sinopec Group Overseas Development 2012 Ltd 3.9% 17/5/2022 'REGS' 1,000,000 USD 1,026,634 1,061,787 0.11Sinopec Group Overseas Development 2012 Ltd 4.875% 17/5/2042 'REGS' 2,200,000 USD 2,183,773 2,494,251 0.27Sinopec Group Overseas Development 2013 Ltd 4.375% 17/10/2023 'REGS' 1,000,000 USD 989,106 1,082,993 0.12Sinopec Group Overseas Development 2014 Ltd 4.375% 10/4/2024 'REGS' 900,000 USD 898,371 971,320 0.10Sinopec Group Overseas Development 2015 Ltd 4.1% 28/4/2045 'REGS' 1,200,000 USD 1,200,000 1,213,200 0.13State Grid Overseas Investment 2014 Ltd 4.125% 7/5/2024 'REGS' 1,500,000 USD 1,487,189 1,656,424 0.18State Grid Overseas Investment 2014 Ltd 4.85% 7/5/2044 'REGS' 800,000 USD 789,832 965,270 0.10

22,436,973 24,091,857 2.60

Cameroon Republic of Cameroon International Bond 9.5% 19/11/2025 'REGS' 1,500,000 USD 1,505,000 1,507,500 0.16

Cayman Islands Amber Circle Funding Ltd 2% 4/12/2017 'REGS' 200,000 USD 199,736 201,181 0.02Amber Circle Funding Ltd 3.25% 4/12/2022 'REGS' 1,300,000 USD 1,302,042 1,354,338 0.15Avi Funding Co Ltd 2.85% 16/9/2020 'REGS' 2,000,000 USD 1,998,285 2,053,420 0.22Future Land Development Holdings Ltd 6.25% 12/11/2017 300,000 USD 298,118 305,250 0.03

3,798,181 3,914,189 0.42

Chile Banco del Estado de Chile 4.125% 7/10/2020 'REGS' 1,100,000 USD 1,107,761 1,168,750 0.13Chile Government International Bond 2.25% 30/10/2022 2,000,000 USD 1,902,765 2,017,500 0.23Chile Government International Bond 3.25% 14/9/2021 1,500,000 USD 1,490,163 1,601,250 0.17Chile Government International Bond 3.625% 30/10/2042 500,000 USD 408,408 502,500 0.05Corp Nacional del Cobre de Chile 3% 17/7/2022 'REGS' 2,000,000 USD 1,928,677 1,981,030 0.21Corp Nacional del Cobre de Chile 3.875% 3/11/2021 'REGS' 1,000,000 USD 994,661 1,058,540 0.11Corp Nacional del Cobre de Chile 4.25% 17/7/2042 'REGS' 1,400,000 USD 1,346,075 1,302,476 0.14Corp Nacional del Cobre de Chile 4.5% 13/8/2023 'REGS' 1,000,000 USD 1,013,065 1,054,050 0.11Corp Nacional del Cobre de Chile 5.625% 21/9/2035 'REGS' 900,000 USD 996,226 989,100 0.11Corp Nacional del Cobre de Chile 5.625% 18/10/2043 'REGS' 1,000,000 USD 1,009,188 1,114,400 0.12Corp Nacional del Cobre de Chile 7.5% 15/1/2019 'REGS' 2,000,000 USD 2,200,173 2,275,820 0.25Empresa Nacional del Petroleo 5.25% 10/8/2020 'REGS' 2,400,000 USD 2,448,905 2,578,800 0.28

16,846,067 17,644,216 1.91

China China Development Bank Corp 2.5% 9/10/2020 'EMTN' 1,000,000 USD 1,008,316 1,026,130 0.11Export-Import Bank of China 2% 26/4/2021 1,400,000 USD 1,393,321 1,401,064 0.15Export-Import Bank of China 2.875% 26/4/2026 1,300,000 USD 1,286,751 1,304,719 0.14Export-Import Bank of China 3.625% 31/7/2024 'REGS' 2,000,000 USD 1,990,459 2,124,400 0.23Future Land Development Holdings Ltd 10.25% 21/7/2019 500,000 USD 497,093 550,000 0.06Sunshine Life Insurance Co Ltd 4.5% 20/4/2026 500,000 USD 495,877 507,410 0.05

6,671,817 6,913,723 0.74

Colombia Colombia Government International Bond 2.625% 15/3/2023 4,400,000 USD 4,178,933 4,246,000 0.46Colombia Government International Bond 4% 26/2/2024 3,000,000 USD 3,009,650 3,126,000 0.34Colombia Government International Bond 5% 15/6/2045 1,000,000 USD 949,614 1,030,000 0.11Colombia Government International Bond 5.625% 26/2/2044 2,500,000 USD 2,601,167 2,750,000 0.30Colombia Government International Bond 6.125% 18/1/2041 4,000,000 USD 4,480,973 4,600,000 0.49Colombia Government International Bond 7.375% 27/1/2017 1,800,000 USD 1,839,635 1,863,000 0.20Colombia Government International Bond 7.375% 18/9/2037 2,300,000 USD 2,893,404 2,967,000 0.32Colombia Government International Bond 8.125% 21/5/2024 1,300,000 USD 1,614,977 1,683,500 0.18

105




% net assets



Colombia Government International Bond 10.375% 28/1/2033 2,000,000 USD 3,078,136 3,025,000 0.33Colombia Government International Bond 11.75% 25/2/2020 3,600,000 USD 4,499,244 4,742,999 0.50

29,145,733 30,033,499 3.23

Costa Rica Banco Nacional de Costa Rica 6.25% 1/11/2023 'REGS' 3,000,000 USD 2,996,283 3,007,500 0.33Costa Rica Government International Bond 4.25% 26/1/2023 'REGS' 2,500,000 USD 2,334,868 2,362,500 0.26Costa Rica Government International Bond 4.375% 30/4/2025 'REGS' 1,000,000 USD 953,606 925,000 0.10Costa Rica Government International Bond 7% 4/4/2044 'REGS' 1,500,000 USD 1,524,608 1,485,000 0.16Costa Rica Government International Bond 7.158% 12/3/2045 'REGS' 500,000 USD 500,000 496,250 0.05Instituto Costarricense de Electricidad 6.375% 15/5/2043 'REGS' 500,000 USD 444,346 384,375 0.04Instituto Costarricense de Electricidad 6.95% 10/11/2021 'REGS' 1,000,000 USD 1,070,833 1,035,000 0.11

9,824,544 9,695,625 1.05

Cote d'Ivoire (Ivory Coast) Ivory Coast Government International Bond 5.375% 23/7/2024 'REGS' 4,000,000 USD 3,713,886 3,726,000 0.40Ivory Coast Government International Bond 5.75% 31/12/2032 'REGS' 7,500,000 USD 7,052,980 6,975,000 0.75Ivory Coast Government International Bond 6.375% 3/3/2028 'REGS' 1,500,000 USD 1,487,992 1,451,250 0.16

12,254,858 12,152,250 1.31

Croatia Croatia Government International Bond 5.5% 4/4/2023 'REGS' 2,500,000 USD 2,521,370 2,650,000 0.29Croatia Government International Bond 6% 26/1/2024 'REGS' 2,500,000 USD 2,561,205 2,725,000 0.29Croatia Government International Bond 6.25% 27/4/2017 'REGS' 2,000,000 USD 2,043,111 2,055,000 0.22Croatia Government International Bond 6.375% 24/3/2021 'REGS' 3,500,000 USD 3,791,407 3,815,000 0.41Croatia Government International Bond 6.625% 14/7/2020 'REGS' 3,000,000 USD 3,236,391 3,270,000 0.35Croatia Government International Bond 6.75% 5/11/2019 'REGS' 4,000,000 USD 4,344,457 4,356,000 0.48

18,497,941 18,871,000 2.04

Dominican Republic Dominican Republic International Bond 5.5% 27/1/2025 'REGS' 4,000,000 USD 3,972,769 4,060,000 0.44Dominican Republic International Bond 5.875% 18/4/2024 'REGS' 1,000,000 USD 1,051,131 1,040,000 0.11Dominican Republic International Bond 6.6% 28/1/2024 'REGS' 1,000,000 USD 1,090,911 1,077,500 0.12Dominican Republic International Bond 6.85% 27/1/2045 'REGS' 2,000,000 USD 2,000,000 2,040,000 0.22Dominican Republic International Bond 7.45% 30/4/2044 'REGS' 4,000,000 USD 4,319,590 4,360,000 0.46Dominican Republic International Bond 7.5% 6/5/2021 'REGS' 3,900,000 USD 3,976,668 4,309,500 0.47Dominican Republic International Bond 8.625% 20/4/2027 'REGS' 3,000,000 USD 3,625,000 3,499,500 0.38

20,036,069 20,386,500 2.20

Ecuador Ecuador Government International Bond 7.95% 20/6/2024 'REGS' 4,500,000 USD 4,348,428 3,937,500 0.43Ecuador Government International Bond 10.5% 24/3/2020 'REGS' 4,500,000 USD 4,631,318 4,455,000 0.48

8,979,746 8,392,500 0.91

Egypt Egypt Government International Bond 5.75% 29/4/2020 'REGS' 1,000,000 USD 974,427 1,003,750 0.11Egypt Government International Bond 5.875% 11/6/2025 'REGS' 1,500,000 USD 1,465,416 1,310,250 0.14Egypt Government International Bond 6.875% 30/4/2040 'REGS' 2,000,000 USD 1,809,965 1,665,000 0.18

4,249,808 3,979,000 0.43

El Salvador El Salvador Government International Bond 5.875% 30/1/2025 'REGS' 1,000,000 USD 1,001,772 882,500 0.10El Salvador Government International Bond 6.375% 18/1/2027 'REGS' 2,000,000 USD 2,016,271 1,737,000 0.19El Salvador Government International Bond 7.375% 1/12/2019 'REGS' 930,000 USD 1,006,844 930,000 0.10

106




% net assets



El Salvador Government International Bond 7.625% 1/2/2041 'REGS' 1,000,000 USD 1,075,243 875,000 0.09El Salvador Government International Bond 7.65% 15/6/2035 'REGS' 2,400,000 USD 2,489,606 2,132,400 0.23El Salvador Government International Bond 7.75% 24/1/2023 'REGS' 1,600,000 USD 1,638,588 1,596,000 0.17El Salvador Government International Bond 8.25% 10/4/2032 'REGS' 1,000,000 USD 1,069,415 952,500 0.10

10,297,739 9,105,400 0.98

Ethiopia Ethiopia International Bond 6.625% 11/12/2024 'REGS' 2,000,000 USD 1,858,223 1,865,000 0.20

Gabon Gabon Government International Bond 6.375% 12/12/2024 'REGS' 3,500,000 USD 3,230,073 3,015,250 0.33Gabon Government International Bond 6.95% 16/6/2025 'REGS' 1,500,000 USD 1,373,378 1,308,750 0.14

4,603,451 4,324,000 0.47

Ghana Ghana Government International Bond 7.875% 7/8/2023 'REGS' 2,804,142 USD 2,699,912 2,411,562 0.26Ghana Government International Bond 10.75% 14/10/2030 'REGS' 4,500,000 USD 4,391,625 4,702,500 0.51

7,091,537 7,114,062 0.77

Guatemala Guatemala Government Bond 4.5% 3/5/2026 'REGS' 1,000,000 USD 992,188 1,011,000 0.11Guatemala Government Bond 4.875% 13/2/2028 'REGS' 500,000 USD 524,676 515,000 0.06Guatemala Government Bond 5.75% 6/6/2022 'REGS' 500,000 USD 552,532 554,375 0.06Guatemala Government Bond 8.125% 6/10/2034 'REGS' 1,000,000 USD 1,321,626 1,300,000 0.14

3,391,022 3,380,375 0.37

Hong Kong Bank of East Asia Ltd FRN 20/11/2024 'EMTN' 1,500,000 USD 1,474,881 1,517,450 0.16Bank of East Asia Ltd FRN Perpetual 'EMTN' 1,600,000 USD 1,574,686 1,549,664 0.17Chalieco Hong Kong Corp Ltd FRN Perpetual 500,000 USD 510,796 507,500 0.05Chong Hing Bank Ltd FRN Perpetual 3,900,000 USD 3,977,808 4,017,000 0.43CITIC Ltd FRN Perpetual 'REGS' 300,000 USD 301,373 336,699 0.04Dah Sing Bank Ltd FRN Perpetual 'EMTN' 300,000 USD 306,476 300,000 0.03MCC Holding Hong Kong Corp Ltd 4.875% 29/7/2016 'REGS' 1,000,000 USD 1,000,160 1,001,635 0.11OCBC Wing Hang Bank Ltd FRN Perpetual 'EMTN' 6,400,000 USD 6,665,661 6,592,896 0.72

15,811,841 15,822,844 1.71

Hungary Hungary Government International Bond 4% 25/3/2019 1,000,000 USD 1,035,954 1,038,500 0.11Hungary Government International Bond 5.375% 21/2/2023 3,000,000 USD 3,171,362 3,318,000 0.36Hungary Government International Bond 5.375% 25/3/2024 4,300,000 USD 4,487,224 4,800,950 0.52Hungary Government International Bond 5.75% 22/11/2023 3,000,000 USD 3,170,970 3,409,500 0.37Hungary Government International Bond 6.25% 29/1/2020 2,000,000 USD 2,098,669 2,219,000 0.24Hungary Government International Bond 6.375% 29/3/2021 4,400,000 USD 4,482,280 5,009,400 0.54Hungary Government International Bond 7.625% 29/3/2041 1,600,000 USD 1,677,036 2,318,792 0.25Magyar Export-Import Bank Zrt 4% 30/1/2020 'REGS' 7,000,000 USD 7,133,321 7,133,350 0.77MFB Magyar Fejlesztesi Bank Zrt 6.25% 21/10/2020 'REGS' 2,000,000 USD 2,207,382 2,208,580 0.24

29,464,198 31,456,072 3.40

India ABJA Investment Co Pte Ltd 5.95% 31/7/2024 600,000 USD 597,893 562,041 0.06Export-Import Bank of India 3.125% 20/7/2021 'EMTN' 2,000,000 USD 1,992,388 2,027,500 0.22Export-Import Bank of India 3.875% 2/10/2019 'EMTN' 400,000 USD 399,007 418,614 0.05Export-Import Bank of India 4% 7/8/2017 'EMTN' 900,000 USD 898,742 922,164 0.10Export-Import Bank of India 4% 14/1/2023 'EMTN' 600,000 USD 596,212 629,440 0.07ICICI Bank Ltd FRN Perpetual 'REGS' 727,000 USD 736,944 727,952 0.08India Government Bond 7.28% 3/6/2019 65,000,000 INR 1,024,363 966,429 0.10NTPC Ltd 4.75% 3/10/2022 'EMTN' 1,000,000 USD 1,011,876 1,103,863 0.12Power Finance Corp Ltd 8.53% 24/7/2020 100,000,000 INR 1,523,133 1,504,986 0.16

107




% net assets



Power Grid Corp of India Ltd 8.2% 23/1/2025 50,000,000 INR 728,269 740,358 0.08Tata Motors Ltd 5.75% 30/10/2024 1,000,000 USD 1,026,218 1,050,000 0.11

10,535,045 10,653,347 1.15

Indonesia Alam Synergy Pte Ltd 9% 29/1/2019 'REGS' 1,000,000 USD 961,975 1,039,000 0.11Indonesia Government International Bond 3.375% 15/4/2023 'REGS' 1,000,000 USD 921,591 1,007,860 0.11Indonesia Government International Bond 3.75% 25/4/2022 'REGS' 1,600,000 USD 1,592,339 1,652,704 0.18Indonesia Government International Bond 4.625% 15/4/2043 'REGS' 1,000,000 USD 899,774 1,018,800 0.11Indonesia Government International Bond 4.875% 5/5/2021 'REGS' 1,400,000 USD 1,445,568 1,519,532 0.16Indonesia Government International Bond 5.25% 17/1/2042 'REGS' 2,000,000 USD 2,007,383 2,132,580 0.23Indonesia Government International Bond 5.875% 13/3/2020 'REGS' 1,200,000 USD 1,280,833 1,335,096 0.14Indonesia Government International Bond 6.75% 15/1/2044 'REGS' 500,000 USD 562,541 638,790 0.07Indonesia Government International Bond 7.75% 17/1/2038 'REGS' 1,900,000 USD 2,433,766 2,585,748 0.28Pelabuhan Indonesia II PT 4.25% 5/5/2025 'REGS' 1,000,000 USD 991,139 998,580 0.11Pelabuhan Indonesia II PT 5.375% 5/5/2045 'REGS' 3,500,000 USD 3,433,947 3,306,065 0.37Pertamina Persero PT 4.3% 20/5/2023 'REGS' 500,000 USD 500,000 510,805 0.06Pertamina Persero PT 4.875% 3/5/2022 'REGS' 800,000 USD 797,263 845,800 0.09Pertamina Persero PT 5.25% 23/5/2021 'REGS' 500,000 USD 509,052 536,495 0.06Pertamina Persero PT 5.625% 20/5/2043 'REGS' 700,000 USD 700,000 678,493 0.07Pertamina Persero PT 6% 3/5/2042 'REGS' 1,800,000 USD 1,817,846 1,833,210 0.20Pertamina Persero PT 6.45% 30/5/2044 'REGS' 2,000,000 USD 2,044,162 2,128,940 0.23Pertamina Persero PT 6.5% 27/5/2041 'REGS' 1,500,000 USD 1,620,578 1,601,490 0.17Perusahaan Gas Negara Persero Tbk 5.125% 16/5/2024 'REGS' 1,000,000 USD 997,093 1,057,130 0.11Perusahaan Listrik Negara PT 5.25% 24/10/2042 'REGS' 400,000 USD 394,787 383,360 0.04Perusahaan Listrik Negara PT 5.5% 22/11/2021 'REGS' 200,000 USD 198,980 217,264 0.02Perusahaan Penerbit SBSN Indonesia II 4% 21/11/2018 'REGS' 1,000,000 USD 1,000,450 1,036,340 0.11Perusahaan Penerbit SBSN Indonesia III 3.3% 21/11/2022 'REGS' 500,000 USD 500,000 500,680 0.05Perusahaan Penerbit SBSN Indonesia III 3.4% 29/3/2021 'REGS' 2,000,000 USD 2,000,000 2,012,500 0.22Perusahaan Penerbit SBSN Indonesia III 4.35% 10/9/2024 'REGS' 1,000,000 USD 1,018,153 1,035,130 0.11Perusahaan Penerbit SBSN Indonesia III 4.55% 29/3/2026 'REGS' 5,000,000 USD 4,999,999 5,100,000 0.56

35,629,219 36,712,392 3.97

Iraq Iraq International Bond 5.8% 15/1/2028 'REGS' 10,000,000 USD 7,253,551 7,600,000 0.82

Ireland Russian Railways via RZD Capital Plc 5.7% 5/4/2022 'REGS' 500,000 USD 500,000 537,500 0.06Vnesheconombank Via VEB Finance Plc 5.45% 22/11/2017 'REGS' 1,800,000 USD 1,808,101 1,854,000 0.20Vnesheconombank Via VEB Finance Plc 6.902% 9/7/2020 'REGS' 1,100,000 USD 1,139,488 1,193,500 0.13

3,447,589 3,585,000 0.39

Jamaica Jamaica Government International Bond 6.75% 28/4/2028 500,000 USD 499,800 524,000 0.06

Kazakhstan Development Bank of Kazakhstan JSC 4.125% 10/12/2022 'REGS' 6,000,000 USD 5,380,180 5,872,500 0.63Development Bank of Kazakhstan JSC 5.5% 3/8/2017 'IMTN' 3,000,000 MYR 830,511 744,664 0.08KazAgro National Management Holding JSC 4.625% 24/5/2023 'REGS' 3,000,000 USD 2,689,220 2,736,000 0.30Kazakhstan Government International Bond 3.875% 14/10/2024 'REGS' 1,000,000 USD 979,117 1,006,500 0.11Kazakhstan Government International Bond 4.875% 14/10/2044 'REGS' 1,000,000 USD 948,004 972,500 0.11

108




% net assets



Kazakhstan Government International Bond 5.125% 21/7/2025 'REGS' 3,000,000 USD 2,957,764 3,282,000 0.35Kazakhstan Government International Bond 6.5% 21/7/2045 'REGS' 500,000 USD 495,255 581,250 0.06KazMunayGas National Co JSC 4.4% 30/4/2023 'REGS' 4,000,000 USD 3,769,552 3,900,000 0.42KazMunayGas National Co JSC 4.875% 7/5/2025 'REGS' 1,000,000 USD 914,209 975,000 0.11KazMunayGas National Co JSC 5.75% 30/4/2043 'REGS' 3,000,000 USD 2,838,021 2,859,000 0.31KazMunayGas National Co JSC 6% 7/11/2044 'REGS' 2,000,000 USD 1,765,203 1,750,000 0.19

23,567,036 24,679,414 2.67

Kenya Kenya Government International Bond 5.875% 24/6/2019 'REGS' 2,000,000 USD 1,945,809 1,983,000 0.21Kenya Government International Bond 6.875% 24/6/2024 'REGS' 3,700,000 USD 3,683,309 3,436,375 0.38

5,629,118 5,419,375 0.59

Latvia Latvia Government International Bond 2.75% 12/1/2020 'REGS' 2,000,000 USD 1,964,878 2,046,140 0.22Latvia Government International Bond 5.25% 16/6/2021 'REGS' 2,000,000 USD 2,230,800 2,272,428 0.25

4,195,678 4,318,568 0.47

Lebanon Lebanon Government International Bond 5% 12/10/2017 'GMTN' 2,000,000 USD 1,993,404 1,990,000 0.21Lebanon Government International Bond 5.45% 28/11/2019 'GMTN' 3,000,000 USD 3,000,699 2,958,750 0.32Lebanon Government International Bond 6% 27/1/2023 'REGS' 4,000,000 USD 3,973,214 3,880,000 0.42Lebanon Government International Bond 6.1% 4/10/2022 'EMTN' 2,000,000 USD 2,036,832 1,947,500 0.21Lebanon Government International Bond 6.2% 26/2/2025 'GMTN' 1,000,000 USD 1,000,000 960,000 0.10Lebanon Government International Bond 6.375% 9/3/2020 'GMTN' 2,000,000 USD 2,070,948 2,020,000 0.22Lebanon Government International Bond 6.6% 27/11/2026 'GMTN' 1,000,000 USD 1,021,895 965,000 0.10Lebanon Government International Bond 6.65% 22/4/2024 4,000,000 USD 4,019,241 3,975,000 0.44Lebanon Government International Bond 6.65% 26/2/2030 'REGS' 1,000,000 USD 1,000,000 956,500 0.10Lebanon Government International Bond 6.75% 29/11/2027 'REGS' 1,000,000 USD 993,906 982,500 0.11Lebanon Government International Bond 7% 22/4/2031 1,500,000 USD 1,500,000 1,473,750 0.16

22,610,139 22,109,000 2.39

Lithuania Lithuania Government International Bond 6.125% 9/3/2021 'REGS' 2,250,000 USD 2,266,556 2,617,875 0.28Lithuania Government International Bond 6.625% 1/2/2022 'REGS' 1,000,000 USD 994,987 1,205,260 0.13Lithuania Government International Bond 7.375% 11/2/2020 'REGS' 3,100,000 USD 3,319,143 3,646,902 0.40

6,580,686 7,470,037 0.81

Luxembourg Russian Agricultural Bank OJSC Via RSHB Capital SA 6.299% 15/5/2017 'REGS' 900,000 USD 908,206 925,875 0.10

Malaysia Danga Capital Bhd 3.035% 1/3/2021 'EMTN' 6,000,000 USD 5,995,015 6,103,136 0.66Malayan Banking Bhd FRN 29/10/2026 5,000,000 USD 5,000,000 5,060,950 0.55Petronas Capital Ltd 3.5% 18/3/2025 'REGS' 2,000,000 USD 1,980,232 2,097,474 0.23Petronas Capital Ltd 5.25% 12/8/2019 'REGS' 3,800,000 USD 4,004,425 4,190,227 0.45

109




% net assets



Petronas Capital Ltd 7.875% 22/5/2022 'REGS' 1,900,000 USD 2,251,787 2,446,712 0.26Public Bank Bhd FRN 22/8/2036 1,100,000 USD 1,124,675 1,100,605 0.12SSG Resources Ltd 4.25% 4/10/2022 2,722,000 USD 2,774,576 2,871,778 0.31

23,130,710 23,870,882 2.58

Mexico Mexico Government International Bond 3.5% 21/1/2021 'GMTN' 500,000 USD 508,438 528,000 0.06Mexico Government International Bond 3.625% 15/3/2022 1,500,000 USD 1,500,153 1,578,750 0.17Mexico Government International Bond 4% 2/10/2023 3,500,000 USD 3,603,723 3,759,000 0.41Mexico Government International Bond 4.125% 21/1/2026 500,000 USD 498,454 540,000 0.06Mexico Government International Bond 4.6% 23/1/2046 1,000,000 USD 991,519 1,045,000 0.11Mexico Government International Bond 4.75% 8/3/2044 'MTN' 1,504,000 USD 1,641,025 1,609,280 0.17Mexico Government International Bond 5.125% 15/1/2020 1,200,000 USD 1,251,484 1,332,000 0.14Mexico Government International Bond 5.95% 19/3/2019 'EMTN' 2,500,000 USD 2,647,535 2,792,500 0.30Mexico Government International Bond 6.05% 11/1/2040 2,800,000 USD 3,160,546 3,507,000 0.38Mexico Government International Bond 6.75% 27/9/2034 'MTNA' 2,600,000 USD 3,067,009 3,497,000 0.38Petroleos Mexicanos 3.5% 30/1/2023 2,000,000 USD 1,996,365 1,871,560 0.20Petroleos Mexicanos 4.5% 23/1/2026 1,000,000 USD 954,929 959,780 0.10Petroleos Mexicanos 4.875% 24/1/2022 1,000,000 USD 1,024,578 1,015,000 0.11Petroleos Mexicanos 4.875% 18/1/2024 1,000,000 USD 1,036,976 1,004,000 0.11Petroleos Mexicanos 5.5% 21/1/2021 2,500,000 USD 2,556,970 2,631,250 0.28Petroleos Mexicanos 5.5% 27/6/2044 2,000,000 USD 1,893,684 1,772,500 0.19Petroleos Mexicanos 5.625% 23/1/2046 200,000 USD 198,615 180,480 0.02Petroleos Mexicanos 6.375% 23/1/2045 2,000,000 USD 2,276,031 1,985,000 0.21Petroleos Mexicanos 6.5% 2/6/2041 3,000,000 USD 3,341,953 3,015,000 0.34

34,149,987 34,623,100 3.74

Mongolia Development Bank of Mongolia LLC 5.75% 21/3/2017 'EMTN' 3,000,000 USD 2,955,465 2,984,880 0.32Mongolia Government International Bond 4.125% 5/1/2018 'REGS' 400,000 USD 398,210 384,000 0.04Trade & Development Bank of Mongolia LLC 9.375% 19/5/2020 'REGS' 2,000,000 USD 2,057,420 1,922,600 0.21

5,411,095 5,291,480 0.57

Morocco Morocco Government International Bond 4.25% 11/12/2022 'REGS' 1,700,000 USD 1,628,863 1,785,000 0.19Morocco Government International Bond 5.5% 11/12/2042 'REGS' 1,700,000 USD 1,561,829 1,827,500 0.20

3,190,692 3,612,500 0.39

Namibia Namibia International Bonds 5.25% 29/10/2025 'REGS' 2,000,000 USD 1,986,513 2,032,500 0.22Namibia International Bonds 5.5% 3/11/2021 'REGS' 500,000 USD 541,286 527,500 0.06

2,527,799 2,560,000 0.28

Netherlands Bharti Airtel International Netherlands BV 5.125% 11/3/2023 'REGS' 500,000 USD 502,101 540,499 0.06Indo Energy Finance II BV 6.375% 24/1/2023 'REGS' 200,000 USD 200,000 111,000 0.01Kazakhstan Temir Zholy Finance BV 6.375% 6/10/2020 'REGS' 2,000,000 USD 1,984,966 2,087,500 0.23Kazakhstan Temir Zholy Finance BV 6.95% 10/7/2042 'REGS' 3,500,000 USD 3,941,791 3,543,750 0.38KazMunayGas National Co JSC 6.375% 9/4/2021 'REGS' 2,500,000 USD 2,674,651 2,728,750 0.29KazMunayGas National Co JSC 7% 5/5/2020 'REGS' 2,800,000 USD 2,918,364 3,080,000 0.33KazMunayGas National Co JSC 9.125% 2/7/2018 'REGS' 3,000,000 USD 3,187,322 3,315,000 0.36Majapahit Holding BV 7.25% 28/6/2017 'REGS' 1,500,000 USD 1,539,093 1,577,325 0.17Majapahit Holding BV 7.75% 20/1/2020 'REGS' 800,000 USD 853,162 916,112 0.10Majapahit Holding BV 7.875% 29/6/2037 'REGS' 1,674,000 USD 2,015,417 2,106,009 0.23Republic of Angola Via Northern Lights III BV 7% 16/8/2019 'REGS' 4,875,000 USD 4,847,049 4,899,376 0.53Royal Capital B.V. FRN Perpetual 4,200,000 USD 4,155,868 4,277,490 0.46Royal Capital B.V. FRN Perpetual 'REGS' 1,700,000 USD 1,692,685 1,755,216 0.19

30,512,469 30,938,027 3.34

110




% net assets



Nigeria Nigeria Government International Bond 5.125% 12/7/2018 'REGS' 1,000,000 USD 1,008,626 1,003,000 0.11Nigeria Government International Bond 6.375% 12/7/2023 'REGS' 1,000,000 USD 1,014,933 965,000 0.10Nigeria Government International Bond 6.75% 28/1/2021 'REGS' 1,000,000 USD 1,033,959 996,500 0.11

3,057,518 2,964,500 0.32

Oman Oman Government International Bond 3.625% 15/6/2021 'REGS' 500,000 USD 499,439 503,750 0.06Oman Government International Bond 4.75% 15/6/2026 'REGS' 500,000 USD 499,139 495,625 0.05

998,578 999,375 0.11

Pakistan Pakistan Government International Bond 6.75% 3/12/2019 'REGS' 1,520,000 USD 1,535,251 1,586,333 0.17Pakistan Government International Bond 7.25% 15/4/2019 'REGS' 600,000 USD 600,000 630,291 0.07Pakistan Government International Bond 8.25% 15/4/2024 'REGS' 1,200,000 USD 1,257,257 1,264,506 0.14

3,392,508 3,481,130 0.38

Panama Panama Government International Bond 3.875% 17/3/2028 3,000,000 USD 2,971,178 3,165,000 0.34Panama Government International Bond 4.3% 29/4/2053 2,000,000 USD 1,724,570 2,020,000 0.22Panama Government International Bond 5.2% 30/1/2020 3,000,000 USD 3,149,573 3,315,000 0.36Panama Government International Bond 6.7% 26/1/2036 4,000,000 USD 5,323,575 5,270,000 0.57Panama Government International Bond 8.875% 30/9/2027 3,000,000 USD 4,130,653 4,377,000 0.47Panama Government International Bond 9.375% 1/4/2029 3,100,000 USD 4,375,697 4,704,250 0.51

21,675,246 22,851,250 2.47

Paraguay Paraguay Government International Bond 4.625% 25/1/2023 'REGS' 3,500,000 USD 3,532,070 3,622,500 0.39Paraguay Government International Bond 5% 15/4/2026 'REGS' 1,000,000 USD 999,971 1,050,000 0.11Paraguay Government International Bond 6.1% 11/8/2044 'REGS' 3,500,000 USD 3,850,067 3,692,500 0.40

8,382,108 8,365,000 0.90

Peru Corp Financiera de Desarrollo SA FRN 15/7/2029 'REGS' 1,000,000 USD 1,035,527 1,030,000 0.11Corp Financiera de Desarrollo SA 4.75% 8/2/2022 'REGS' 2,000,000 USD 2,113,441 2,130,000 0.23Fondo MIVIVIENDA SA 3.5% 31/1/2023 'REGS' 2,000,000 USD 1,981,165 1,987,500 0.21Peruvian Government International Bond 5.625% 18/11/2050 2,200,000 USD 2,403,557 2,706,000 0.29Peruvian Government International Bond 6.55% 14/3/2037 2,500,000 USD 3,187,471 3,350,001 0.36Peruvian Government International Bond 7.35% 21/7/2025 3,900,000 USD 4,584,934 5,284,501 0.57Peruvian Government International Bond 8.75% 21/11/2033 3,500,000 USD 4,897,827 5,464,376 0.60

20,203,922 21,952,378 2.37

Philippines First Gen Corp 6.5% 9/10/2023 800,000 USD 843,933 858,000 0.09Petron Corp FRN Perpetual 'REGS' 3,000,000 USD 3,079,109 3,187,500 0.35Philippine Government International Bond 3.7% 1/3/2041 500,000 USD 500,000 558,750 0.06Philippine Government International Bond 4.2% 21/1/2024 1,200,000 USD 1,221,846 1,374,000 0.15Philippine Government International Bond 5% 13/1/2037 1,200,000 USD 1,200,000 1,550,880 0.17Philippine Government International Bond 6.375% 15/1/2032 1,000,000 USD 1,324,165 1,417,590 0.15Philippine Government International Bond 6.375% 23/10/2034 2,100,000 USD 2,420,908 3,063,123 0.33Philippine Government International Bond 7.75% 14/1/2031 1,000,000 USD 1,334,522 1,556,130 0.17Philippine Government International Bond 9.5% 2/2/2030 3,100,000 USD 4,258,899 5,312,625 0.57Philippine Government International Bond 9.875% 15/1/2019 1,000,000 USD 1,136,568 1,203,750 0.13Philippine Government International Bond 10.625% 16/3/2025 2,700,000 USD 3,740,966 4,444,875 0.48Power Sector Assets & Liabilities Management Corp 7.25% 27/5/2019 'REGS' 900,000 USD 970,688 1,039,500 0.11Power Sector Assets & Liabilities Management Corp 7.39% 2/12/2024 'REGS' 2,000,000 USD 2,425,751 2,727,000 0.29SMC Global Power Holdings Corp FRN Perpetual 'REGS' 5,500,000 USD 5,457,254 5,568,750 0.61SMC Global Power Holdings Corp FRN Perpetual 1,000,000 USD 957,990 1,040,290 0.11

30,872,599 34,902,763 3.77

111




% net assets



Poland Poland Government International Bond 3% 17/3/2023 4,000,000 USD 3,883,230 4,032,280 0.44Poland Government International Bond 3.25% 6/4/2026 1,500,000 USD 1,489,012 1,523,910 0.16Poland Government International Bond 4% 22/1/2024 2,000,000 USD 2,011,504 2,157,000 0.23Poland Government International Bond 5% 23/3/2022 5,000,000 USD 5,326,105 5,591,250 0.60Poland Government International Bond 5.125% 21/4/2021 1,000,000 USD 1,100,527 1,116,400 0.12Poland Government International Bond 6.375% 15/7/2019 6,300,000 USD 6,683,515 7,127,316 0.78

20,493,893 21,548,156 2.33

Romania Romanian Government International Bond 4.375% 22/8/2023 'REGS' 3,500,000 USD 3,580,299 3,736,250 0.40Romanian Government International Bond 4.875% 22/1/2024 'REGS' 1,000,000 USD 1,025,858 1,103,500 0.12Romanian Government International Bond 6.125% 22/1/2044 'REGS' 2,200,000 USD 2,571,191 2,746,700 0.30Romanian Government International Bond 6.75% 7/2/2022 'REGS' 5,500,000 USD 5,912,681 6,503,750 0.70

13,090,029 14,090,200 1.52

Russia Russian Foreign Bond - Eurobond 3.5% 16/1/2019 'REGS' 1,000,000 USD 1,012,102 1,030,000 0.11Russian Foreign Bond - Eurobond 4.5% 4/4/2022 'REGS' 1,000,000 USD 1,013,182 1,067,500 0.12Russian Foreign Bond - Eurobond 4.875% 16/9/2023 'REGS' 5,000,000 USD 4,981,960 5,456,250 0.58Russian Foreign Bond - Eurobond 5% 29/4/2020 'REGS' 1,700,000 USD 1,726,495 1,833,450 0.20Russian Foreign Bond - Eurobond 5.625% 4/4/2042 'REGS' 1,000,000 USD 978,995 1,135,000 0.12Russian Foreign Bond - Eurobond 5.875% 16/9/2043 'REGS' 1,000,000 USD 993,069 1,170,000 0.13Russian Foreign Bond - Eurobond 7.5% 31/3/2030 'REGS' 2,825,000 USD 3,220,255 3,452,150 0.37Russian Foreign Bond - Eurobond 11% 24/7/2018 'REGS' 2,500,000 USD 2,799,108 2,956,250 0.32Russian Foreign Bond - Eurobond 12.75% 24/6/2028 'REGS' 1,000,000 USD 1,555,565 1,745,000 0.19

18,280,731 19,845,600 2.14

Serbia Serbia International Bond 4.875% 25/2/2020 'REGS' 5,000,000 USD 4,975,327 5,155,000 0.57Serbia International Bond 5.875% 3/12/2018 'REGS' 3,000,000 USD 3,137,057 3,180,000 0.34Serbia International Bond 6.75% 1/11/2024 'REGS' 583,599 USD 589,570 599,940 0.06Serbia International Bond 7.25% 28/9/2021 'REGS' 3,000,000 USD 3,208,643 3,435,000 0.37

11,910,597 12,369,940 1.34

Singapore Alam Synergy Pte Ltd 6.95% 27/3/2020 'REGS' 800,000 USD 727,341 780,000 0.08Global Prime Capital Pte Ltd 6.75% 27/4/2020 1,700,000 USD 1,700,000 1,759,500 0.19Pratama Agung Pte Ltd 6.25% 24/2/2020 2,000,000 USD 2,000,000 2,040,000 0.22

4,427,341 4,579,500 0.49

Slovakia Slovakia Government International Bond 4.375% 21/5/2022 'REGS' 2,500,000 USD 2,593,636 2,836,100 0.31

South Africa Eskom Holdings SOC Ltd 5.75% 26/1/2021 'REGS' 6,000,000 USD 6,002,225 5,880,000 0.63Eskom Holdings SOC Ltd 6.75% 6/8/2023 'REGS' 5,000,000 USD 4,972,927 4,912,500 0.53Eskom Holdings SOC Ltd 7.125% 11/2/2025 'REGS' 3,500,000 USD 3,619,194 3,438,750 0.37South Africa Government International Bond 4.665% 17/1/2024 3,000,000 USD 3,017,230 3,103,500 0.34South Africa Government International Bond 4.875% 14/4/2026 1,000,000 USD 986,610 1,037,500 0.11South Africa Government International Bond 5.375% 24/7/2044 1,000,000 USD 1,011,770 1,045,000 0.11South Africa Government International Bond 5.5% 9/3/2020 2,000,000 USD 2,105,341 2,155,000 0.23South Africa Government International Bond 5.875% 30/5/2022 800,000 USD 881,082 889,200 0.10South Africa Government International Bond 5.875% 16/9/2025 2,000,000 USD 2,111,953 2,223,120 0.24South Africa Government International Bond 6.25% 8/3/2041 800,000 USD 937,305 926,000 0.10South Africa Government International Bond 6.875% 27/5/2019 1,500,000 USD 1,614,291 1,670,625 0.18Transnet SOC Ltd 4% 26/7/2022 'REGS' 1,000,000 USD 1,006,640 947,000 0.10

28,266,568 28,228,195 3.04

112




% net assets



Sri Lanka Bank of Ceylon 5.325% 16/4/2018 1,300,000 USD 1,300,000 1,299,441 0.14Bank of Ceylon 6.875% 3/5/2017 'REGS' 400,000 USD 400,000 408,500 0.04National Savings Bank 5.15% 10/9/2019 'REGS' 3,540,000 USD 3,464,150 3,440,101 0.37National Savings Bank 8.875% 18/9/2018 'REGS' 2,500,000 USD 2,597,859 2,662,625 0.29Sri Lanka Government International Bond 5.125% 11/4/2019 'REGS' 1,000,000 USD 977,856 1,000,160 0.11Sri Lanka Government International Bond 5.875% 25/7/2022 'REGS' 2,500,000 USD 2,506,997 2,410,975 0.26Sri Lanka Government International Bond 6.25% 4/10/2020 'REGS' 1,200,000 USD 1,212,638 1,223,448 0.13Sri Lanka Government International Bond 6.25% 27/7/2021 'REGS' 2,500,000 USD 2,480,217 2,505,600 0.27Sri Lanka Government International Bond 6.85% 3/11/2025 'REGS' 5,000,000 USD 4,997,051 4,862,500 0.53SriLankan Airlines Ltd 5.3% 27/6/2019 4,000,000 USD 3,967,090 3,906,620 0.43

23,903,858 23,719,970 2.57

Thailand Krung Thai Bank PCL/Cayman Islands FRN 26/12/2024 'EMTN' 700,000 USD 700,000 731,039 0.08

Trinidad and Tobago Petroleum Co of Trinidad & Tobago Ltd 9.75% 14/8/2019 'REGS' 2,000,000 USD 2,290,025 2,175,000 0.23

Tunisia Banque Centrale de Tunisie International Bond 5.75% 30/1/2025 'REGS' 1,000,000 USD 921,676 901,500 0.10

Turkey Export Credit Bank of Turkey 5% 23/9/2021 'REGS' 2,000,000 USD 2,025,274 2,047,500 0.22Export Credit Bank of Turkey 5.375% 4/11/2016 'REGS' 1,000,000 USD 999,646 1,008,000 0.11Export Credit Bank of Turkey 5.875% 24/4/2019 'REGS' 2,000,000 USD 2,037,940 2,115,000 0.23Hazine Mustesarligi Varlik Kiralama AS 4.489% 25/11/2024 'REGS' 1,000,000 USD 990,747 1,005,000 0.11Hazine Mustesarligi Varlik Kiralama AS 4.557% 10/10/2018 'REGS' 475,000 USD 475,000 491,863 0.05TC Ziraat Bankasi AS 4.25% 3/7/2019 'REGS' 1,000,000 USD 997,568 1,011,250 0.11TC Ziraat Bankasi AS 4.75% 29/4/2021 'REGS' 1,500,000 USD 1,495,669 1,522,500 0.16Turkey Government International Bond 3.25% 23/3/2023 2,000,000 USD 1,834,393 1,940,000 0.21Turkey Government International Bond 4.25% 14/4/2026 500,000 USD 494,083 508,250 0.05Turkey Government International Bond 4.875% 9/10/2026 5,000,000 USD 4,950,410 5,274,999 0.57Turkey Government International Bond 4.875% 16/4/2043 1,500,000 USD 1,434,268 1,470,000 0.16Turkey Government International Bond 5.125% 25/3/2022 1,000,000 USD 994,336 1,067,500 0.12Turkey Government International Bond 5.75% 22/3/2024 1,000,000 USD 1,094,973 1,113,750 0.12Turkey Government International Bond 6% 14/1/2041 2,000,000 USD 2,389,977 2,245,000 0.24Turkey Government International Bond 6.25% 26/9/2022 1,500,000 USD 1,534,671 1,697,250 0.18Turkey Government International Bond 6.625% 17/2/2045 3,500,000 USD 4,118,844 4,261,250 0.46Turkey Government International Bond 6.75% 30/5/2040 1,000,000 USD 1,091,614 1,225,000 0.13Turkey Government International Bond 6.875% 17/3/2036 1,300,000 USD 1,420,883 1,592,500 0.17Turkey Government International Bond 7% 5/6/2020 2,100,000 USD 2,260,606 2,383,500 0.26Turkey Government International Bond 7.25% 5/3/2038 1,000,000 USD 1,317,103 1,278,500 0.14Turkey Government International Bond 7.375% 5/2/2025 1,300,000 USD 1,471,726 1,607,450 0.17Turkey Government International Bond 7.5% 14/7/2017 1,300,000 USD 1,340,891 1,378,000 0.15Turkey Government International Bond 8% 14/2/2034 1,000,000 USD 1,383,312 1,347,500 0.15

38,153,934 39,591,562 4.27

Ukraine Ukraine Government International Bond FRN 31/5/2040 3,020,000 USD 1,379,915 978,480 0.11Ukraine Government International Bond 7.75% 1/9/2019 'REGS' 1,747,000 USD 1,640,838 1,720,795 0.19Ukraine Government International Bond 7.75% 1/9/2020 'REGS' 2,301,000 USD 2,065,871 2,246,927 0.24Ukraine Government International Bond 7.75% 1/9/2021 'REGS' 2,916,000 USD 2,626,477 2,828,520 0.31Ukraine Government International Bond 7.75% 1/9/2022 'REGS' 2,416,000 USD 2,169,378 2,331,440 0.25Ukraine Government International Bond 7.75% 1/9/2023 'REGS' 1,916,000 USD 1,705,017 1,837,444 0.20Ukraine Government International Bond 7.75% 1/9/2024 'REGS' 2,416,000 USD 2,131,760 2,306,072 0.25Ukraine Government International Bond 7.75% 1/9/2025 'REGS' 2,416,000 USD 2,117,769 2,297,616 0.25Ukraine Government International Bond 7.75% 1/9/2026 'REGS' 3,416,000 USD 3,101,039 3,238,368 0.34Ukraine Government International Bond 7.75% 1/9/2027 'REGS' 2,306,000 USD 2,034,559 2,172,252 0.23

20,972,623 21,957,914 2.37

113




% net assets



United Kingdom HSBC Holdings Plc FRN Perpetual 500,000 USD 488,378 464,372 0.05HSBC Holdings Plc FRN Perpetual 1,000,000 USD 1,029,373 920,000 0.10HSBC Holdings Plc FRN Perpetual 1,500,000 USD 1,459,609 1,402,500 0.15Oschadbank Via SSB #1 Plc 9.625% 20/3/2025 'REGS' 1,000,000 USD 952,000 947,500 0.10Standard Chartered Plc FRN Perpetual 'REGS' 5,000,000 USD 4,953,487 4,525,000 0.49Standard Chartered Plc 4.05% 12/4/2026 'REGS' 3,000,000 USD 2,991,870 3,001,530 0.32Ukreximbank Via Biz Finance Plc 9.625% 27/4/2022 'REGS' 1,700,000 USD 1,700,002 1,651,550 0.18Ukreximbank Via Biz Finance Plc 9.75% 22/1/2025 'REGS' 1,000,000 USD 936,000 948,500 0.10Vedanta Resources Plc 6% 31/1/2019 'REGS' 300,000 USD 300,000 252,000 0.03

14,810,719 14,112,952 1.52

United States of America Lendlease US Capital Inc 4.5% 26/5/2026 'EMTN' 3,800,000 USD 3,787,116 3,751,474 0.40Petroleos Mexicanos 5.75% 1/3/2018 700,000 USD 710,376 733,950 0.08Petroleos Mexicanos 6.625% 15/6/2035 3,500,000 USD 3,833,763 3,595,270 0.39

8,331,255 8,080,694 0.87

Uruguay Uruguay Government International Bond 4.125% 20/11/2045 3,113,065 USD 3,066,457 2,801,759 0.30Uruguay Government International Bond 4.5% 14/8/2024 2,000,000 USD 2,038,946 2,165,001 0.23Uruguay Government International Bond 5.1% 18/6/2050 2,750,000 USD 2,810,970 2,725,938 0.29Uruguay Government International Bond 6.875% 28/9/2025 1,200,000 USD 1,367,685 1,482,150 0.16Uruguay Government International Bond 7.625% 21/3/2036 1,700,000 USD 2,113,978 2,280,126 0.25Uruguay Government International Bond 7.875% 15/1/2033 2,300,000 USD 3,153,155 3,107,876 0.34

14,551,191 14,562,850 1.57

Venezuela Petroleos de Venezuela SA 5.25% 12/4/2017 'REGS' 1,000,000 USD 960,327 627,300 0.07Petroleos de Venezuela SA 5.375% 12/4/2027 4,000,000 USD 1,752,258 1,394,800 0.15Petroleos de Venezuela SA 5.5% 12/4/2037 'REGS' 6,500,000 USD 2,455,593 2,258,425 0.24Petroleos de Venezuela SA 6% 16/5/2024 'REGS' 5,000,000 USD 2,483,624 1,749,500 0.19Petroleos de Venezuela SA 6% 15/11/2026 'REGS' 10,000,000 USD 3,849,499 3,525,000 0.38Petroleos de Venezuela SA 8.5% 2/11/2017 'REGS' 1,400,000 USD 1,133,934 981,680 0.11Petroleos de Venezuela SA 9% 17/11/2021 'REGS' 2,000,000 USD 1,779,393 875,000 0.09Petroleos de Venezuela SA 9.75% 17/5/2035 'REGS' 1,500,000 USD 853,591 611,850 0.07Venezuela Government International Bond 6% 9/12/2020 'REGS' 2,500,000 USD 1,034,676 1,015,625 0.11Venezuela Government International Bond 7% 1/12/2018 'REGS' 1,000,000 USD 946,472 498,750 0.05Venezuela Government International Bond 7% 31/3/2038 'REGS' 1,000,000 USD 377,831 398,750 0.04Venezuela Government International Bond 7.65% 21/4/2025 'REGS' 3,000,000 USD 1,722,574 1,222,500 0.14Venezuela Government International Bond 7.75% 13/10/2019 'REGS' 3,000,000 USD 2,794,243 1,342,500 0.15Venezuela Government International Bond 8.25% 13/10/2024 'REGS' 1,500,000 USD 1,022,697 626,250 0.07Venezuela Government International Bond 9.25% 15/9/2027 1,000,000 USD 898,285 483,750 0.05Venezuela Government International Bond 9.25% 7/5/2028 'REGS' 2,000,000 USD 1,768,182 862,500 0.09Venezuela Government International Bond 11.75% 21/10/2026 'REGS' 1,000,000 USD 962,869 475,000 0.05Venezuela Government International Bond 11.95% 5/8/2031 'REGS' 1,000,000 USD 757,500 471,250 0.05Venezuela Government International Bond 12.75% 23/8/2022 'REGS' 1,100,000 USD 1,009,560 561,000 0.06

28,563,108 19,981,430 2.16

Vietnam Vietnam Government International Bond 4.8% 19/11/2024 'REGS' 1,568,000 USD 1,568,000 1,609,583 0.18Vietnam Government International Bond 6.75% 29/1/2020 'REGS' 1,200,000 USD 1,228,802 1,328,724 0.14

2,796,802 2,938,307 0.32

114




% net assets



Zambia Zambia Government International Bond 5.375% 20/9/2022 'REGS' 1,500,000 USD 1,248,967 1,168,500 0.13Zambia Government International Bond 8.5% 14/4/2024 'REGS' 2,000,000 USD 2,106,273 1,727,000 0.19Zambia Government International Bond 8.97% 30/7/2027 'REGS' 2,500,000 USD 2,108,369 2,150,000 0.22

5,463,609 5,045,500 0.54

Total Bonds 883,455,483 898,220,715 97.00




115




% net assets



SHARES

Brazil Banco do Brasil SA 1,143,300 BRL 5,783,142 5,835,996 1.03Bradespar SA - Pref 3,594,200 BRL 5,084,399 9,671,455 1.70Estacio Participacoes SA 1,703,800 BRL 5,810,120 8,872,187 1.56Qualicorp SA 1,788,700 BRL 8,123,093 10,183,323 1.79Telefonica Brasil SA - Pref 695,900 BRL 6,983,222 9,375,818 1.65

31,783,976 43,938,779 7.73


Cayman Islands Baidu Inc ADR 91,900 USD 15,304,825 14,938,345 2.63China Resources Cement Holdings Ltd 23,192,000 HKD 8,931,750 7,412,924 1.30Kingboard Chemical Holdings Ltd 6,065,500 HKD 11,262,844 12,023,271 2.12Tencent Holdings Ltd 616,100 HKD 13,483,507 13,983,318 2.46

48,982,926 48,357,858 8.51

China China Construction Bank Corp 'H' 29,610,000 HKD 22,562,457 19,539,257 3.43China Pacific Insurance Group Co Ltd 'H' 3,411,800 HKD 12,028,193 11,476,878 2.02China Petroleum & Chemical Corp 'H' 20,996,600 HKD 17,102,276 15,154,328 2.67Dongfeng Motor Group Co Ltd 'H' 10,850,000 HKD 14,791,791 11,299,020 1.99Industrial & Commercial Bank of China Ltd 'H' 32,346,000 HKD 22,363,842 17,884,531 3.15Sinopec Engineering Group Co Ltd 'H' 14,094,500 HKD 11,447,777 12,715,908 2.24

100,296,336 88,069,922 15.50

Hong Kong China Overseas Land & Investment Ltd 4,048,000 HKD 12,691,073 12,782,219 2.25

India Axis Bank Ltd 1,314,065 INR 7,347,680 10,386,745 1.83Infosys Ltd ADR 744,900 USD 10,915,735 13,326,261 2.34

18,263,415 23,713,006 4.17

Malaysia Genting Malaysia Bhd 7,096,400 MYR 8,157,964 7,833,096 1.38

Mexico Grupo Financiero Banorte SAB de CV 1,713,800 MXN 9,515,085 9,249,523 1.63OHL Mexico SAB de CV 9,359,500 MXN 11,336,022 11,305,035 1.99

20,851,107 20,554,558 3.62

Netherlands X5 Retail Group NV GDR 289,352 USD 6,101,050 5,743,637 1.01

Philippines First Gen Corp 21,265,000 PHP 9,252,727 11,254,546 1.98LT Group Inc 21,265,100 PHP 7,350,805 7,195,712 1.27

16,603,532 18,450,258 3.25

Russia Lukoil PJSC ADR 202,145 USD 10,510,377 8,369,814 1.47Mobile TeleSystems PJSC 1,613,070 USD 6,300,455 6,121,776 1.08Sberbank of Russia 4,927,908 USD 8,922,902 10,181,191 1.79

25,733,734 24,672,781 4.34

(expressed in USD)

GLOBAL EMERGING MARKETS DYNAMIC FUND

116




% net assets


GLOBAL EMERGING MARKETS DYNAMIC FUND (continued)

South Africa Barclays Africa Group Ltd 1,504,346 ZAR 15,131,856 14,786,367 2.61Imperial Holdings Ltd 1,360,142 ZAR 11,252,585 13,872,641 2.44MTN Group Ltd 1,181,486 ZAR 16,874,517 11,552,735 2.03

43,258,958 40,211,743 7.08

South Korea E-MART Inc 48,782 KRW 10,566,866 7,326,723 1.29GS Holdings 232,690 KRW 10,436,262 9,585,571 1.69Hana Financial Group Inc 398,237 KRW 13,163,297 8,038,382 1.41Hankook Tire Co Ltd 272,497 KRW 14,259,778 12,065,240 2.12Korea Electric Power Corp 185,717 KRW 7,271,825 9,738,513 1.71KT Corp 302,410 KRW 8,901,684 7,784,396 1.37LG Display Co Ltd 419,588 KRW 9,579,954 9,616,810 1.69POSCO 67,916 KRW 16,501,662 11,880,951 2.09Samsung Electronics Co Ltd 24,140 KRW 27,833,790 29,864,565 5.25Samsung Fire & Marine Insurance Co Ltd 18,062 KRW 4,364,036 4,131,907 0.73

122,879,154 110,033,058 19.35

Taiwan CTBC Financial Holding Co Ltd 18,602,891 TWD 10,119,075 9,716,940 1.71Fubon Financial Holding Co Ltd 8,873,000 TWD 10,942,818 10,355,823 1.82Taiwan Semiconductor Manufacturing Co Ltd 6,047,000 TWD 24,485,718 30,460,882 5.36Tripod Technology Corp 3,850,000 TWD 7,327,431 7,459,160 1.31

52,875,042 57,992,805 10.20

Thailand Bangkok Bank PCL (Foreign Market) 2,005,700 THB 11,559,302 9,246,542 1.63

Turkey Emlak Konut Gayrimenkul Yatirim Ortakligi AS (REIT) 8,444,279 TRY 11,010,377 8,343,515 1.47Haci Omer Sabanci Holding AS 2,602,153 TRY 9,233,838 8,453,061 1.49

20,244,215 16,796,576 2.96

United Arab Emirates Union National Bank PJSC 681,286 AED 738,687 760,461 0.13

Total Shares 551,274,218 537,616,087 94.60




117




% net assets



MUTUAL FUNDS

Ireland iShares Core FTSE 100 UCITS - ETF 315,986 GBP 2,633,349 2,676,094 3.25iShares Core S&P 500 UCITS - ETF 48,863 GBP 8,980,681 9,504,841 11.54iShares Edge MSCI Europe Minimum Volatility UCITS - ETF 217,926 EUR 9,022,337 9,031,348 10.97iShares Edge S&P 500 Minimum Volatility UCITS - ETF 193,098 USD 7,321,535 8,206,665 9.97iShares Gold Producers UCITS - ETF 107,729 GBP 1,049,470 1,241,956 1.51iShares MSCI AC Far East ex-Japan UCITS - ETF 100,398 GBP 4,085,454 4,153,564 5.04SPDR S&P 500 UCITS - ETF 54,563 USD 11,205,502 11,316,366 13.74

44,298,328 46,130,834 56.02

Luxembourg db x-trackers - ATX UCITS (DR) - ETF 43,601 EUR 2,079,424 1,546,161 1.88db x-trackers - MSCI JAPAN TRN INDEX UCITS - ETF - 1C 97,800 USD 4,178,181 4,515,426 5.48Lyxor S&P 500 UCITS - ETF 752,250 USD 15,506,097 15,992,835 19.42

21,763,702 22,054,422 26.78

Singapore db x-trackers MSCI China TRN Index UCITS ETF DR - 1C 145,630 USD 1,955,884 1,714,065 2.08





(expressed in USD)

GLOBAL EQUITY NAVIGATOR FUND

118




% net assets



SHARES

Australia Asciano Ltd 46,979 AUD 280,326 309,887 0.26Charter Hall Retail (REIT) 17,723 AUD 57,066 62,737 0.05Coca-Cola Amatil Ltd 25,442 AUD 160,744 155,714 0.13DUET Group 101,292 AUD 156,276 188,318 0.16Sydney Airport 52,305 AUD 221,045 269,947 0.23Telstra Corp Ltd 206,097 AUD 823,235 852,162 0.73

1,698,692 1,838,765 1.56

Austria CA Immobilien Anlagen AG 3,245 EUR 61,975 54,488 0.05Oesterreichische Post AG 1,707 EUR 60,235 54,840 0.04

122,210 109,328 0.09

Belgium Befimmo SA (REIT) 961 EUR 57,319 61,544 0.05Bekaert SA 2,032 EUR 75,798 87,927 0.07Bpost SA 5,270 EUR 136,185 133,630 0.11Cofinimmo SA (REIT) 974 EUR 101,943 115,204 0.10Colruyt SA 3,695 EUR 200,395 202,481 0.18Elia System Operator SA/NV 1,350 EUR 65,442 75,186 0.06Proximus SADP 6,838 EUR 231,237 215,046 0.19Sofina SA 902 EUR 94,279 118,570 0.10Umicore SA 2,037 EUR 92,790 105,658 0.09

1,055,388 1,115,246 0.95

Bermuda Arch Capital Group Ltd 5,900 USD 433,217 417,012 0.36Axis Capital Holdings Ltd 5,200 USD 286,509 279,240 0.24Cheung Kong Infrastructure Holdings Ltd 25,000 HKD 224,576 214,914 0.18Digital China Holdings Ltd 49,000 HKD 58,787 36,945 0.03Everest Re Group Ltd 2,100 USD 361,780 370,167 0.31Genpact Ltd 6,400 USD 172,297 169,536 0.14RenaissanceRe Holdings Ltd 2,200 USD 233,295 254,430 0.22Shenzhen International Holdings Ltd 57,000 HKD 90,686 82,280 0.07White Mountains Insurance Group Ltd 300 USD 222,798 251,040 0.21

2,083,945 2,075,564 1.76

Canada Bank of Montreal 18,000 CAD 996,571 1,140,661 0.96BCE Inc 11,900 CAD 493,463 558,155 0.47Canadian Imperial Bank of Commerce/Canada 10,000 CAD 728,365 748,457 0.63Canadian Real Estate Investment Trust (REIT) 1,900 CAD 61,189 70,533 0.06Canadian Tire Corp Ltd 'A' 3,500 CAD 317,561 380,352 0.32CGI Group Inc 'A' 10,500 CAD 422,162 447,284 0.38Cineplex Inc 3,000 CAD 106,917 118,992 0.10DH Corp 5,100 CAD 153,356 125,614 0.11First Capital Realty Inc 6,100 CAD 91,413 104,720 0.09George Weston Ltd 2,300 CAD 186,267 197,069 0.17Intact Financial Corp 6,300 CAD 443,234 445,861 0.38Loblaw Cos Ltd 10,500 CAD 540,338 556,052 0.47Metro Inc 11,800 CAD 323,127 409,327 0.35Open Text Corp 2,600 CAD 118,374 152,848 0.13RioCan Real Estate Investment Trust (REIT) 7,500 CAD 142,783 167,282 0.14Rogers Communications Inc 'B' 17,300 CAD 596,263 693,251 0.59Saputo Inc 12,300 CAD 269,995 363,107 0.31

(expressed in USD)

GLOBAL LOW VOLATILITY EQUITY FUND

119




% net assets


GLOBAL LOW VOLATILITY EQUITY FUND (continued)

Smart Real Estate Investment Trust (REIT) 3,400 CAD 84,100 98,747 0.08TELUS Corp 9,600 CAD 301,963 308,835 0.26Waste Connections Inc 5,400 CAD 263,436 386,991 0.33

6,640,877 7,474,138 6.33

Cayman Islands China Medical System Holdings Ltd 68,000 HKD 94,435 103,417 0.09Country Garden Holdings Co Ltd 379,000 HKD 140,455 159,242 0.13Fresh Del Monte Produce Inc 1,800 USD 76,467 95,958 0.08HKT Trust and HKT Ltd 171,000 HKD 208,999 246,398 0.22Intime Retail Group Co Ltd 91,500 HKD 74,952 75,710 0.06Longfor Properties Co Ltd 66,000 HKD 89,737 85,574 0.07

685,045 766,299 0.65

Chile SACI Falabella 40,186 CLP 248,494 306,235 0.26

China Agricultural Bank of China Ltd 'H' 460,000 HKD 165,011 167,781 0.14China Construction Bank Corp 'H' 337,000 HKD 208,266 222,382 0.19China Petroleum & Chemical Corp 'H' 926,000 HKD 580,528 668,342 0.57China Telecom Corp Ltd 'H' 746,000 HKD 371,614 332,671 0.28China Vanke Co Ltd 'H' 70,700 HKD 169,939 138,504 0.12Industrial & Commercial Bank of China Ltd 'H' 1,381,000 HKD 752,226 763,573 0.64PetroChina Co Ltd 'H' 148,000 HKD 102,645 100,906 0.09

2,350,229 2,394,159 2.03

Denmark GN Store Nord A/S 7,812 DKK 143,102 140,305 0.12

France Aeroports de Paris 1,723 EUR 204,511 188,224 0.16Atos SE 4,644 EUR 360,088 385,122 0.33Eutelsat Communications SA 8,090 EUR 245,611 152,525 0.13Metropole Television SA 3,534 EUR 61,362 58,889 0.05Orpea 2,258 EUR 177,907 185,221 0.16Sodexo SA 4,692 EUR 387,321 501,870 0.42

1,436,800 1,471,851 1.25

Germany Adidas AG 8,594 EUR 690,206 1,215,685 1.04Alstria office REIT-AG (REIT) 5,558 EUR 69,770 74,451 0.06Bechtle AG 755 EUR 77,934 79,330 0.07Deutsche EuroShop AG 2,408 EUR 104,443 109,269 0.09Freenet AG 6,168 EUR 196,523 157,497 0.13Kabel Deutschland Holding AG 981 EUR 125,487 113,960 0.10MAN SE 1,895 EUR 197,890 192,478 0.16Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 7,072 EUR 1,304,667 1,167,445 0.99RHOEN-KLINIKUM AG 1,980 EUR 60,737 57,767 0.05Telefonica Deutschland Holding AG 27,193 EUR 138,936 111,606 0.09Wincor Nixdorf AG 1,601 EUR 83,294 85,303 0.07

3,049,887 3,364,791 2.85

Guernsey Amdocs Ltd 7,500 USD 424,337 425,775 0.36

Hong Kong China Mobile Ltd 150,500 HKD 1,710,787 1,719,550 1.46China Resources Beer Holdings Co Ltd 56,000 HKD 107,075 121,976 0.10China Unicom Hong Kong Ltd 308,000 HKD 364,112 318,365 0.27CITIC Ltd 39,000 HKD 59,175 56,699 0.05CLP Holdings Ltd 103,500 HKD 895,226 1,053,822 0.89

120




% net assets



Hysan Development Co Ltd 30,000 HKD 128,241 133,202 0.11Link (REIT) 59,500 HKD 326,406 404,903 0.34Power Assets Holdings Ltd 62,500 HKD 598,487 572,326 0.49Shanghai Industrial Holdings Ltd 25,000 HKD 56,747 56,451 0.05Sun Art Retail Group Ltd 118,000 HKD 75,352 82,581 0.07WH Group Ltd 356,500 HKD 224,774 279,359 0.24

4,546,382 4,799,234 4.07

Indonesia Gudang Garam Tbk PT 11,300 IDR 56,787 59,012 0.05Telekomunikasi Indonesia Persero Tbk PT 2,278,600 IDR 408,923 686,383 0.58

465,710 745,395 0.63

Ireland Ryanair Holdings Plc 22,764 EUR 342,724 288,990 0.24

Israel Bank Hapoalim BM 47,154 ILS 236,156 236,598 0.20Bank Leumi Le-Israel BM 66,715 ILS 248,335 234,653 0.20Bezeq The Israeli Telecommunication Corp Ltd 25,409 ILS 47,712 50,364 0.04

532,203 521,615 0.44

Italy Ansaldo STS SpA 6,453 EUR 71,181 72,883 0.07DiaSorin SpA 1,054 EUR 55,931 64,325 0.05

127,112 137,208 0.12

Japan Advance Residence Investment Corp (REIT) 70 JPY 165,561 187,488 0.16Aoyama Trading Co Ltd 2,700 JPY 104,128 98,769 0.08Aozora Bank Ltd 57,000 JPY 196,088 196,313 0.17Azbil Corp 3,900 JPY 100,148 114,020 0.10Benesse Holdings Inc 4,400 JPY 117,056 102,782 0.09Canon Inc 57,600 JPY 1,705,942 1,632,146 1.37Citizen Holdings Co Ltd 11,200 JPY 63,721 54,047 0.05Daito Trust Construction Co Ltd 3,800 JPY 395,040 615,187 0.52Horiba Ltd 2,200 JPY 82,368 95,889 0.08Japan Rental Housing Investments Inc (REIT) 88 JPY 66,777 72,088 0.06Joyful Honda Co Ltd 2,700 JPY 60,757 60,943 0.05Kagome Co Ltd 4,200 JPY 76,566 110,695 0.09Konami Holdings Corp 5,500 JPY 163,324 208,421 0.18Konica Minolta Inc 24,200 JPY 253,274 174,228 0.15KYORIN Holdings Inc 2,900 JPY 55,422 56,400 0.05Mitsubishi Tanabe Pharma Corp 13,000 JPY 234,082 233,098 0.20Mori Hills REIT Investment Corp (REIT) 75 JPY 109,821 117,624 0.10Mori Trust Sogo Reit Inc (REIT) 55 JPY 95,261 104,237 0.09Orix JREIT Inc (REIT) 108 JPY 150,544 186,296 0.16Ricoh Co Ltd 35,900 JPY 371,631 308,757 0.26Shimamura Co Ltd 1,300 JPY 162,817 191,993 0.16Ship Healthcare Holdings Inc 2,300 JPY 61,696 70,934 0.06Sugi Holdings Co Ltd 2,100 JPY 111,144 116,252 0.10Sumitomo Dainippon Pharma Co Ltd 9,200 JPY 111,573 158,159 0.13Taisho Pharmaceutical Holdings Co Ltd 2,400 JPY 193,938 251,243 0.21Takashimaya Co Ltd 16,000 JPY 134,222 113,791 0.10Takeda Pharmaceutical Co Ltd 26,200 JPY 1,160,384 1,127,683 0.96Tokyu REIT Inc (REIT) 50 JPY 70,814 71,071 0.06United Urban Investment Corp (REIT) 148 JPY 227,779 266,525 0.23Valor Holdings Co Ltd 2,700 JPY 68,395 71,371 0.06

6,870,273 7,168,450 6.08

121




% net assets



Jersey Centamin Plc 47,791 GBP 65,588 81,873 0.07Wizz Air Holdings Plc '144A' 2,278 GBP 60,550 48,637 0.04

126,138 130,510 0.11

Malaysia DiGi.Com Bhd 142,300 MYR 179,023 168,721 0.14Petronas Dagangan Bhd 12,400 MYR 62,085 71,974 0.06Public Bank Bhd 56,100 MYR 225,377 269,959 0.23Telekom Malaysia Bhd 75,800 MYR 116,414 127,290 0.11Tenaga Nasional Bhd 41,100 MYR 112,964 143,746 0.12

695,863 781,690 0.66

Netherlands RELX NV 33,977 EUR 550,132 585,443 0.50

New Zealand Ryman Healthcare Ltd 19,989 NZD 93,808 132,523 0.11

Norway Orkla ASA 39,752 NOK 299,286 350,238 0.30

Philippines Aboitiz Equity Ventures Inc 107,010 PHP 129,673 177,298 0.15BDO Unibank Inc 58,510 PHP 131,531 139,287 0.12Metro Pacific Investments Corp 427,600 PHP 52,314 63,348 0.05

313,518 379,933 0.32

Poland Asseco Poland SA 4,017 PLN 59,076 52,750 0.04Orange Polska SA 35,912 PLN 67,014 45,911 0.04PGE Polska Grupa Energetyczna SA 22,471 PLN 84,548 67,692 0.06

210,638 166,353 0.14

Qatar Qatar National Bank 5,873 QAR 250,531 225,805 0.19

Russian Federation Rostelecom PJSC 47,046 USD 68,646 67,244 0.06

Singapore Singapore Telecommunications Ltd 330,700 SGD 835,201 1,013,416 0.86Suntec Real Estate Investment Trust (REIT) 47,800 SGD 50,262 62,778 0.05Venture Corp Ltd 9,400 SGD 58,684 57,751 0.05

944,147 1,133,945 0.96

South Africa Mediclinic International Plc 15,284 ZAR 191,757 220,077 0.19

South Korea E-MART Inc 1,007 KRW 197,098 151,245 0.13KB Financial Group Inc 9,802 KRW 293,793 277,419 0.24Korea Zinc Co Ltd 615 KRW 253,773 271,233 0.23KT Corp 4,403 KRW 114,159 113,339 0.10KT&G Corp 6,613 KRW 610,754 783,673 0.65POSCO 2,901 KRW 420,324 507,489 0.43Samsung Electronics Co Ltd 476 KRW 484,294 588,879 0.50Samsung Fire & Marine Insurance Co Ltd 1,340 KRW 327,560 306,542 0.26Samsung Life Insurance Co Ltd 3,631 KRW 307,657 316,808 0.27SK Telecom Co Ltd 1,652 KRW 369,534 309,073 0.26Woori Bank 15,961 KRW 128,882 131,917 0.11

3,507,828 3,757,617 3.18

122




% net assets



Spain Ebro Foods SA 3,928 EUR 82,763 89,471 0.08Red Electrica Corp SA 5,982 EUR 522,766 527,269 0.44

605,529 616,740 0.52

Switzerland Allreal Holding AG 691 CHF 86,988 95,845 0.08Baloise Holding AG 2,408 CHF 275,502 265,076 0.22Banque Cantonale Vaudoise 153 CHF 99,257 102,499 0.09Barry Callebaut AG 108 CHF 115,984 131,962 0.11Cembra Money Bank AG 1,516 CHF 95,007 104,749 0.09Chubb Ltd 6,560 USD 673,102 840,139 0.71Emmi AG 115 CHF 55,854 69,963 0.06EMS-Chemie Holding AG 377 CHF 183,019 192,613 0.16Flughafen Zuerich AG 915 CHF 126,035 161,553 0.14Givaudan SA 445 CHF 693,595 891,613 0.76Helvetia Holding AG 330 CHF 182,381 170,293 0.14Kuehne + Nagel International AG 2,717 CHF 350,201 376,861 0.32Logitech International SA 7,837 CHF 102,220 126,230 0.11Mobimo Holding AG 332 CHF 71,536 75,751 0.06Nestle SA 1,837 CHF 138,198 141,252 0.12Pargesa Holding SA 915 CHF 56,029 59,656 0.05PSP Swiss Property AG 1,944 CHF 156,121 189,667 0.16SGS SA 252 CHF 443,086 575,234 0.49Sika AG 104 CHF 323,104 431,585 0.37Sonova Holding AG 2,718 CHF 350,888 361,663 0.31Sulzer AG 591 CHF 57,875 51,143 0.04Swiss Prime Site AG 3,355 CHF 233,132 303,065 0.26Swiss Re AG 16,183 CHF 1,387,806 1,393,780 1.17Swisscom AG 1,365 CHF 675,377 668,683 0.57

6,932,297 7,780,875 6.59

Taiwan Asia Cement Corp 115,000 TWD 113,848 99,461 0.08Chang Hwa Commercial Bank Ltd 265,000 TWD 130,818 137,597 0.12China Steel Corp 599,000 TWD 355,847 388,081 0.33Chunghwa Telecom Co Ltd 204,000 TWD 618,531 736,725 0.62Far Eastern New Century Corp 188,000 TWD 169,490 139,868 0.12Far EasTone Telecommunications Co Ltd 77,000 TWD 165,247 185,942 0.16First Financial Holding Co Ltd 436,000 TWD 201,566 228,414 0.19HON HAI Precision Industry Co Ltd 23,000 TWD 60,231 58,821 0.05Hua Nan Financial Holdings Co Ltd 358,000 TWD 170,636 185,331 0.16President Chain Store Corp 27,000 TWD 174,901 210,081 0.18Taiwan Business Bank 238,000 TWD 60,989 60,350 0.05Taiwan Cooperative Financial Holding Co Ltd 384,000 TWD 159,095 169,032 0.14Taiwan Mobile Co Ltd 81,000 TWD 248,809 282,479 0.24WPG Holdings Ltd 69,000 TWD 71,405 80,103 0.07

2,701,413 2,962,285 2.51

Thailand BTS Group Holdings PCL (Foreign Market) 311,800 THB 76,026 85,182 0.07CP ALL PCL (Foreign Market) 111,000 THB 149,383 158,729 0.13IRPC PCL (Foreign Market) 538,400 THB 69,068 72,931 0.06Thai Beverage PCL (Foreign Market) 411,200 SGD 199,048 277,650 0.24

493,525 594,492 0.50

Turkey BIM Birlesik Magazalar AS 11,049 TRY 206,208 213,938 0.18Eregli Demir ve Celik Fabrikalari TAS 82,146 TRY 98,128 115,626 0.10

304,336 329,564 0.28

123




% net assets



United Kingdom BCA Marketplace Plc 41,958 GBP 108,536 93,445 0.08Berendsen Plc 9,244 GBP 155,557 149,421 0.13Coca-Cola European Partners Plc 5,000 USD 177,067 176,650 0.15Great Portland Estates Plc (REIT) 16,565 GBP 215,848 137,329 0.12Greene King Plc 14,877 GBP 181,142 156,518 0.13Imperial Brands Plc 28,127 GBP 1,440,265 1,505,100 1.27Informa Plc 24,417 GBP 243,359 234,084 0.20LondonMetric Property Plc (REIT) 33,774 GBP 77,794 67,435 0.06Marks & Spencer Group Plc 78,138 GBP 477,299 325,259 0.28National Grid Plc 26,455 GBP 371,197 382,656 0.32Reckitt Benckiser Group Plc 6,405 GBP 583,922 631,256 0.53Rexam Plc 33,907 GBP 273,163 293,856 0.25Royal Mail Plc 37,087 GBP 256,285 244,376 0.21Tritax Big Box REIT Plc (REIT) 45,125 GBP 85,822 78,065 0.07Whitbread Plc 8,726 GBP 624,033 407,081 0.34

5,271,289 4,882,531 4.14

United States of America Advance Auto Parts Inc 2,100 USD 403,486 336,588 0.29Alliant Energy Corp 11,000 USD 316,903 438,020 0.37American Capital Agency Corp (REIT) 16,800 USD 317,006 327,768 0.28American Electric Power Co Inc 23,600 USD 1,325,566 1,623,680 1.37American Financial Group Inc/OH 3,500 USD 240,395 253,820 0.22Arthur J Gallagher & Co 8,400 USD 346,589 392,280 0.33AT&T Inc 46,400 USD 1,510,147 1,978,031 1.67Atmos Energy Corp 2,900 USD 167,762 229,535 0.19Automatic Data Processing Inc 800 USD 71,326 71,800 0.06AutoZone Inc 700 USD 515,703 550,522 0.47AvalonBay Communities Inc (REIT) 6,400 USD 1,122,161 1,134,400 0.96Avnet Inc 2,600 USD 115,387 103,662 0.09Becton Dickinson and Co 10,100 USD 1,335,787 1,698,618 1.43Bed Bath & Beyond Inc 8,200 USD 472,638 348,008 0.29Benchmark Electronics Inc 2,800 USD 64,188 57,512 0.05Broadridge Financial Solutions Inc 5,700 USD 313,486 366,282 0.31Brocade Communications Systems Inc 22,300 USD 229,490 201,369 0.17Camden Property Trust (REIT) 4,200 USD 311,460 364,728 0.31Campbell Soup Co 9,700 USD 497,246 620,024 0.53Capitol Federal Financial Inc 6,800 USD 86,822 93,092 0.08CBOE Holdings Inc 3,100 USD 208,579 203,980 0.17CH Robinson Worldwide Inc 3,100 USD 221,596 227,323 0.19Chimera Investment Corp (REIT) 9,900 USD 132,231 152,757 0.13Church & Dwight Co Inc 6,300 USD 528,204 632,898 0.54Clorox Co/The 6,200 USD 715,714 836,876 0.71CMS Energy Corp 13,300 USD 464,801 598,101 0.51Coca-Cola Co/The 21,600 USD 1,000,007 965,088 0.82Columbia Property Trust Inc (REIT) 6,000 USD 140,470 126,900 0.11Consolidated Edison Inc 14,900 USD 987,126 1,176,802 1.00Costco Wholesale Corp 10,300 USD 1,489,712 1,613,907 1.36DaVita HealthCare Partners Inc 8,200 USD 591,105 625,332 0.53Digital Realty Trust Inc (REIT) 6,500 USD 421,085 701,870 0.59Dolby Laboratories Inc 'A' 2,700 USD 117,106 127,143 0.11Dollar General Corp 14,200 USD 1,014,955 1,330,256 1.13Dr Pepper Snapple Group Inc 9,200 USD 729,188 871,424 0.74Duke Energy Corp 700 USD 56,332 58,926 0.05EchoStar Corp 'A' 2,400 USD 109,469 93,600 0.08Electronics For Imaging Inc 2,300 USD 98,811 95,450 0.08Equity Commonwealth (REIT) 6,300 USD 173,715 181,377 0.15Eversource Energy 15,300 USD 764,158 898,263 0.76Expeditors International of Washington Inc 2,100 USD 98,292 101,304 0.09F5 Networks Inc 1,300 USD 137,196 145,132 0.12Finisar Corp 4,700 USD 70,484 81,028 0.07General Mills Inc 27,300 USD 1,533,800 1,895,985 1.60

124




% net assets



Genuine Parts Co 7,300 USD 595,101 726,277 0.62Great Plains Energy Inc 5,900 USD 190,547 176,292 0.15Guess? Inc 3,400 USD 75,946 50,388 0.04Henry Schein Inc 4,500 USD 620,740 787,860 0.67Highwoods Properties Inc (REIT) 4,500 USD 174,597 233,505 0.20Hub Group Inc 'A' 1,900 USD 71,417 71,459 0.06Humana Inc 7,600 USD 1,370,579 1,369,064 1.15IDACORP Inc 2,400 USD 153,125 190,512 0.16International Business Machines Corp 1,400 USD 209,930 208,502 0.18Investors Bancorp Inc 17,300 USD 213,589 189,435 0.16Jack Henry & Associates Inc 3,900 USD 271,849 335,400 0.28Johnson & Johnson 8,000 USD 858,458 953,440 0.81Kellogg Co 800 USD 59,892 62,856 0.05Kilroy Realty Corp (REIT) 3,600 USD 236,350 234,324 0.20Laboratory Corp of America Holdings 4,900 USD 540,152 629,209 0.53Lancaster Colony Corp 900 USD 87,001 112,635 0.10Liberty Property Trust (REIT) 7,200 USD 227,130 280,296 0.24McCormick & Co Inc/MD 5,600 USD 440,828 573,328 0.49MEDNAX Inc 4,500 USD 344,467 321,255 0.27MFA Financial Inc (REIT) 17,800 USD 121,813 127,804 0.11Murphy USA Inc 800 USD 54,147 58,744 0.05New York Community Bancorp Inc 21,400 USD 386,891 317,362 0.27Nordstrom Inc 5,800 USD 414,501 217,964 0.18Northwest Bancshares Inc 5,500 USD 72,194 79,310 0.07Omega Healthcare Investors Inc (REIT) 7,300 USD 257,454 243,017 0.21O'Reilly Automotive Inc 2,100 USD 529,255 569,226 0.48Owens & Minor Inc 3,400 USD 135,251 125,630 0.11Panera Bread Co 'A' 1,200 USD 231,740 255,024 0.22Patterson Cos Inc 4,200 USD 181,489 199,836 0.17Paychex Inc 15,500 USD 746,543 895,435 0.76Pfizer Inc 27,600 USD 824,896 965,724 0.82Philip Morris International Inc 13,100 USD 1,041,446 1,298,865 1.10Piedmont Office Realty Trust Inc 'A' (REIT) 7,300 USD 131,831 154,395 0.13Pinnacle West Capital Corp 5,300 USD 336,400 420,555 0.36Pool Corp 2,100 USD 152,599 191,940 0.16Post Properties Inc (REIT) 2,600 USD 153,113 156,234 0.13ProAssurance Corp 2,600 USD 127,620 136,864 0.12Procter & Gamble Co/The 20,600 USD 1,482,911 1,728,134 1.45Provident Financial Services Inc 3,300 USD 66,915 63,723 0.05Public Service Enterprise Group Inc 1,800 USD 84,085 81,630 0.07Quest Diagnostics Inc 7,700 USD 537,192 615,923 0.52Radian Group Inc 10,100 USD 160,670 102,515 0.09Realty Income Corp (REIT) 11,300 USD 535,323 773,146 0.66Republic Services Inc 'A' 11,600 USD 478,275 584,060 0.50Reynolds American Inc 13,100 USD 571,839 693,776 0.59Sanmina Corp 4,300 USD 99,712 111,972 0.09SCANA Corp 2,200 USD 153,496 163,130 0.14Sonoco Products Co 5,400 USD 243,460 260,010 0.22Southern Co/The 34,000 USD 1,503,211 1,777,520 1.50Sovran Self Storage Inc (REIT) 1,700 USD 161,632 176,783 0.15Spectrum Brands Holdings Inc 1,300 USD 120,141 152,412 0.13Synopsys Inc 7,500 USD 348,174 401,250 0.34Sysco Corp 23,000 USD 888,474 1,155,980 0.98Tanger Factory Outlet Centers Inc (REIT) 4,600 USD 152,612 183,494 0.16Target Corp 600 USD 47,730 41,988 0.04Teleflex Inc 2,000 USD 249,084 349,840 0.30Two Harbors Investment Corp (REIT) 17,700 USD 156,015 150,273 0.13Tyson Foods Inc 'A' 900 USD 58,857 58,545 0.05UDR Inc (REIT) 12,600 USD 437,186 456,372 0.39Vail Resorts Inc 700 USD 73,004 96,355 0.08Varian Medical Systems Inc 4,800 USD 354,081 387,648 0.33Vectren Corp 4,000 USD 166,603 206,520 0.18VeriSign Inc 4,800 USD 342,987 407,136 0.35

125




% net assets



Washington Federal Inc 4,500 USD 102,336 107,460 0.09Waste Management Inc 20,300 USD 1,017,539 1,323,560 1.12WEC Energy Group Inc 15,200 USD 792,012 975,992 0.83West Pharmaceutical Services Inc 3,500 USD 188,499 261,205 0.22Williams-Sonoma Inc 3,400 USD 259,652 174,896 0.15World Fuel Services Corp 3,700 USD 179,428 171,865 0.15WP Carey Inc (REIT) 4,700 USD 271,937 323,125 0.27Zimmer Biomet Holdings Inc 8,200 USD 770,857 973,750 0.83

47,264,494 54,343,415 46.07

Total Shares 103,648,585 114,584,628 97.12




126




% net assets



MUTUAL FUNDS

Guernsey Princess Private Equity Holding Ltd 492,221 EUR 3,845,843 4,034,883 2.99

Ireland iShares $ Corporate Bond UCITS - ETF 106,037 USD 11,927,767 12,484,796 9.25iShares Core MSCI Japan IMI UCITS - ETF 41,612 GBP 1,316,987 1,335,178 0.99iShares Global High Yield Corp Bond UCITS - ETF 219,159 USD 19,851,195 20,539,580 15.22iShares US Aggregate Bond UCITS - ETF 63,549 USD 6,681,023 6,796,566 5.04SPDR MSCI ACWI UCITS - ETF 177,656 USD 16,912,909 17,020,333 12.62

56,689,881 58,176,453 43.12

Jersey 3i Infrastructure Plc 979,705 GBP 2,400,239 2,343,158 1.74

United Kingdom HarbourVest Global Private Equity Ltd 145,200 GBP 1,899,222 1,745,151 1.29iShares JP Morgan $ Emerging Markets Bond UCITS - ETF 182,982 USD 19,739,322 20,722,712 15.36

21,638,544 22,467,863 16.65


SHARES

Australia BWP Trust (REIT) 10,364 AUD 25,116 28,055 0.02Charter Hall Group (REIT) 6,693 AUD 23,007 25,185 0.02Charter Hall Retail (REIT) 7,066 AUD 23,025 25,012 0.02Healthscope Ltd 15,299 AUD 28,862 32,539 0.02LendLease Group 11,370 AUD 118,273 106,539 0.08Primary Health Care Ltd 10,727 AUD 27,996 31,510 0.02

246,279 248,840 0.18

Austria CA Immobilien Anlagen AG 1,568 EUR 27,546 26,329 0.02Conwert Immobilien Invest SE 1,521 EUR 22,557 24,314 0.02

50,103 50,643 0.04

Belgium Befimmo SA (REIT) 433 EUR 26,589 27,730 0.02Bekaert SA 810 EUR 31,446 35,049 0.03Bpost SA 2,101 EUR 55,582 53,274 0.04Cofinimmo SA (REIT) 434 EUR 51,462 51,333 0.04Colruyt SA 1,473 EUR 82,233 80,719 0.06Elia System Operator SA/NV 647 EUR 31,592 36,034 0.03Proximus SADP 2,593 EUR 88,645 81,546 0.05Sofina SA 360 EUR 39,157 47,323 0.04Warehouses De Pauw CVA (REIT) 294 EUR 26,089 27,630 0.02

432,795 440,638 0.33

Bermuda Arch Capital Group Ltd 2,600 USD 181,820 183,768 0.14Dairy Farm International Holdings Ltd 6,400 USD 39,134 43,136 0.03Digital China Holdings Ltd 19,000 HKD 23,107 14,325 0.01Essent Group Ltd 1,100 USD 21,588 23,584 0.02Genpact Ltd 3,300 USD 85,661 87,417 0.06Validus Holdings Ltd 1,800 USD 82,303 86,148 0.06

433,613 438,378 0.32

(expressed in USD)

GLOBAL MARKET NAVIGATOR FUND

127




% net assets


GLOBAL MARKET NAVIGATOR FUND (continued)

Cayman Islands China Medical System Holdings Ltd 29,000 HKD 39,248 44,104 0.03Country Garden Holdings Co Ltd 174,000 HKD 72,072 73,109 0.05Fresh Del Monte Produce Inc 700 USD 29,423 37,317 0.03HKBN Ltd 17,500 HKD 22,288 18,382 0.01HKT Trust and HKT Ltd 76,000 HKD 107,123 109,511 0.09Intime Retail Group Co Ltd 36,500 HKD 30,520 30,201 0.02Longfor Properties Co Ltd 26,000 HKD 36,368 33,711 0.02Phoenix Group Holdings 4,815 GBP 60,530 51,110 0.04

397,572 397,445 0.29

China China Petroleum & Chemical Corp 'H' 210,000 HKD 129,907 151,568 0.11China Telecom Corp Ltd 'H' 298,000 HKD 145,006 132,890 0.10China Vanke Co Ltd 'H' 28,200 HKD 70,652 55,245 0.04Guangzhou R&F Properties Co Ltd 'H' 21,600 HKD 29,986 27,199 0.02Industrial & Commercial Bank of China Ltd 'H' 696,000 HKD 379,087 384,827 0.29

754,638 751,729 0.56

Denmark ISS A/S 2,309 DKK 84,453 86,942 0.07Royal Unibrew A/S 964 DKK 43,231 42,751 0.03

127,684 129,693 0.10

Finland Neste OYJ 2,748 EUR 91,444 97,418 0.07Tieto OYJ 1,426 EUR 39,686 38,552 0.03

131,130 135,970 0.10

France Aeroports de Paris 700 EUR 85,308 76,469 0.06Atos SE 1,720 EUR 133,377 142,638 0.11Danone SA 9,471 EUR 670,112 654,131 0.48Elior Participations SCA '144A' 1,736 EUR 37,335 37,911 0.03Euler Hermes Group 311 EUR 26,989 25,971 0.02Gecina SA (REIT) 598 EUR 76,434 81,367 0.06Metropole Television SA 1,409 EUR 25,064 23,479 0.02Nexity SA 741 EUR 34,886 37,105 0.03Orpea 1,005 EUR 84,959 82,439 0.06Sodexo SA 564 EUR 59,921 60,327 0.04

1,234,385 1,221,837 0.91

Germany Aareal Bank AG 911 EUR 29,567 28,351 0.02Alstria office AG (REIT) 2,216 EUR 28,729 29,684 0.02Axel Springer SE 672 EUR 36,189 35,088 0.03Bechtle AG 293 EUR 25,912 30,786 0.02Deutsche Post AG 5,849 EUR 155,158 162,909 0.11DMG Mori AG 794 EUR 35,224 37,120 0.03Fraport AG Frankfurt Airport Services Worldwide 792 EUR 49,477 42,106 0.03Freenet AG 2,745 EUR 86,107 70,092 0.05Fresenius SE & Co KGaA 519 EUR 36,142 37,473 0.03Kabel Deutschland Holding AG 436 EUR 55,810 50,649 0.04MAN SE 756 EUR 79,086 76,788 0.06RHOEN-KLINIKUM AG 790 EUR 23,848 23,048 0.02STADA Arzneimittel AG 1,337 EUR 49,681 69,015 0.05Suedzucker AG 1,374 EUR 22,648 30,075 0.02Talanx AG 759 EUR 23,573 22,325 0.02Telefonica Deutschland Holding AG 10,841 EUR 56,181 44,494 0.03TLG Immobilien AG 1,185 EUR 24,231 24,746 0.02

817,563 814,749 0.60

128




% net assets



Hong Kong Beijing Enterprises Holdings Ltd 11,000 HKD 58,347 62,096 0.05Champion (REIT) 47,000 HKD 23,560 26,532 0.02China Mobile Ltd 61,000 HKD 673,077 696,960 0.53China Unicom Hong Kong Ltd 124,000 HKD 147,748 128,173 0.09CLP Holdings Ltd 42,000 HKD 373,868 427,638 0.32Hopewell Holdings Ltd 14,000 HKD 45,779 44,298 0.03Hysan Development Co Ltd 13,000 HKD 55,957 57,721 0.04Link (REIT) 30,500 HKD 176,513 207,555 0.15New World Development Co Ltd 45,000 HKD 42,795 45,528 0.03Power Assets Holdings Ltd 6,000 HKD 59,167 54,943 0.04Shanghai Industrial Holdings Ltd 10,000 HKD 23,118 22,581 0.02Sun Art Retail Group Ltd 47,000 HKD 30,973 32,893 0.02WH Group Ltd '144A' 150,500 HKD 96,611 117,934 0.09

1,807,513 1,924,852 1.43

Indonesia Bank Central Asia Tbk PT 247,300 IDR 254,966 249,406 0.18

Ireland C&C Group Plc 6,863 EUR 30,433 26,649 0.01Green Plc (REIT) 14,597 EUR 22,405 22,506 0.02Ryanair Holdings Plc 1,880 EUR 28,340 23,867 0.02

81,178 73,022 0.05

Isle of Man Playtech Plc 4,772 GBP 56,206 50,269 0.04

Israel Bank Hapoalim BM 22,672 ILS 112,665 113,758 0.09Elbit Systems Ltd 494 ILS 43,220 44,688 0.03Mizrahi Tefahot Bank Ltd 2,900 ILS 32,936 33,694 0.02Paz Oil Co Ltd 167 ILS 25,656 27,180 0.02

214,477 219,320 0.16

Italy Tod's SpA 305 EUR 23,062 16,386 0.01

Japan ABC-Mart Inc 600 JPY 37,512 39,986 0.03Activia Properties Inc (REIT) 12 JPY 62,591 63,511 0.05Advance Residence Investment Corp (REIT) 28 JPY 69,304 74,995 0.06Ain Holdings Inc 500 JPY 24,840 38,576 0.03Alfresa Holdings Corp 4,700 JPY 90,859 97,215 0.07Aoyama Trading Co Ltd 1,000 JPY 38,079 36,581 0.03Aozora Bank Ltd 25,000 JPY 87,670 86,102 0.06Arcs Co Ltd 1,100 JPY 24,626 26,070 0.02Autobacs Seven Co Ltd 1,700 JPY 29,236 23,982 0.02Azbil Corp 1,500 JPY 37,897 43,854 0.03Benesse Holdings Inc 2,000 JPY 61,812 46,719 0.03Canon Inc 22,800 JPY 683,654 646,058 0.49Daiichi Sankyo Co Ltd 14,400 JPY 319,437 346,534 0.27Daiwa House Investment Corp (REIT) 7 JPY 30,313 41,134 0.03Daiwa House Residential Investment Corp (REIT) 14 JPY 29,395 38,015 0.03Daiwa Office Investment Corp (REIT) 7 JPY 42,710 41,475 0.03Frontier Real Estate Investment Corp (REIT) 11 JPY 50,362 57,148 0.04GLP J (REIT) 56 JPY 62,584 70,719 0.05H2O Retailing Corp 2,000 JPY 35,812 26,794 0.02Hamamatsu Photonics KK 3,200 JPY 89,264 88,885 0.07Heiwa Corp 1,100 JPY 23,379 22,142 0.02Hikari Tsushin Inc 500 JPY 37,946 41,689 0.03Horiba Ltd 900 JPY 33,514 39,228 0.03Hoya Corp 8,900 JPY 335,827 314,663 0.24

129




% net assets



Hulic Inc (REIT) 15 JPY 25,012 27,407 0.02Japan Hotel Investment Corp (REIT) 71 JPY 60,359 59,751 0.04Japan Logistics Fund Inc (REIT) 19 JPY 40,314 44,309 0.03Japan Rental Housing Investments Inc (REIT) 35 JPY 26,314 28,672 0.02Kagome Co Ltd 1,700 JPY 31,253 44,805 0.03Kaken Pharmaceutical Co Ltd 500 JPY 33,563 32,544 0.02Kamigumi Co Ltd 5,000 JPY 47,200 45,824 0.03Konica Minolta Inc 10,800 JPY 98,509 77,755 0.06Maruichi Steel Tube Ltd 1,800 JPY 52,044 62,431 0.05Medipal Holdings Corp 4,300 JPY 66,676 70,115 0.05Miraca Holdings Inc 900 JPY 38,615 38,702 0.03Mitsubishi Tanabe Pharma Corp 5,300 JPY 92,836 95,032 0.07Mori Hills Investment Corp (REIT) 30 JPY 44,260 47,050 0.03Mori Trust Sogo Inc (REIT) 22 JPY 40,270 41,695 0.03Nippon Accommodations Fund Inc (REIT) 10 JPY 38,433 45,532 0.03Nippon Flour Mills Co Ltd 4,000 JPY 31,313 31,055 0.02Nisshin Seifun Group Inc 2,800 JPY 47,260 44,621 0.03Orix J Inc (REIT) 50 JPY 76,246 86,248 0.06Rohto Pharmaceutical Co Ltd 2,400 JPY 44,441 36,309 0.03Sankyo Co Ltd 1,100 JPY 42,423 40,988 0.03Sawai Pharmaceutical Co Ltd 800 JPY 52,000 61,643 0.05Secom Co Ltd 4,400 JPY 329,365 323,327 0.25Sega Sammy Holdings Inc 4,400 JPY 50,732 47,046 0.03Sekisui House SI Residential Investment Corp (REIT) 22 JPY 23,262 25,471 0.02Seria Co Ltd 400 JPY 25,539 32,962 0.02Shimamura Co Ltd 500 JPY 58,978 73,843 0.05Ship Healthcare Holdings Inc 900 JPY 24,667 27,757 0.02Sugi Holdings Co Ltd 800 JPY 42,011 44,287 0.03Sumitomo Dainippon Pharma Co Ltd 3,700 JPY 42,661 63,608 0.05Taisho Pharmaceutical Holdings Co Ltd 1,200 JPY 94,046 125,621 0.09Takashimaya Co Ltd 3,000 JPY 24,787 21,336 0.02Toho Co Ltd/Tokyo 3,200 JPY 82,690 87,919 0.07Toho Holdings Co Ltd 1,400 JPY 29,891 33,520 0.02Tokyu Inc (REIT) 20 JPY 28,196 28,428 0.02Toyo Suisan Kaisha Ltd 2,200 JPY 81,825 88,612 0.07United Urban Investment Corp (REIT) 59 JPY 93,576 106,250 0.08USS Co Ltd 4,800 JPY 76,554 78,595 0.06Valor Holdings Co Ltd 1,100 JPY 27,148 29,077 0.02Wacoal Holdings Corp 3,000 JPY 36,928 29,421 0.02

4,540,820 4,681,643 3.48

Jersey UBM Plc 8,413 GBP 80,041 69,712 0.05Wizz Air Holdings Plc 1,027 GBP 26,099 21,927 0.02

106,140 91,639 0.07

Luxembourg SES SA 7,366 EUR 209,370 158,773 0.12

Malaysia IHH Healthcare Bhd 49,400 MYR 76,824 80,874 0.06Public Bank Bhd 25,000 MYR 113,707 120,303 0.09Telekom Malaysia Bhd 34,600 MYR 54,576 58,103 0.04Tenaga Nasional Bhd 18,200 MYR 58,735 63,654 0.05

303,842 322,934 0.24

Netherlands Heineken NV 638 EUR 54,930 58,682 0.04Koninklijke Ahold NV 17,888 EUR 400,010 393,528 0.30Wereldhave NV (REIT) 863 EUR 46,700 39,098 0.03Wolters Kluwer NV 6,467 EUR 252,035 262,436 0.19

753,675 753,744 0.56

130




% net assets



New Zealand Ryman Healthcare Ltd 8,897 NZD 49,215 58,985 0.04

Norway Orkla ASA 17,694 NOK 152,053 155,894 0.12

Philippines Aboitiz Equity Ventures Inc 33,350 PHP 43,249 55,255 0.04Bank of the Philippine Islands 33,690 PHP 61,899 69,675 0.05GT Capital Holdings Inc 790 PHP 23,882 24,180 0.02

129,030 149,110 0.11

Poland Asseco Poland SA 1,601 PLN 23,860 21,024 0.02Powszechny Zaklad Ubezpieczen SA 10,262 PLN 94,295 73,500 0.05

118,155 94,524 0.07

Portugal CTT-Correios de Portugal SA 3,216 EUR 27,896 25,744 0.02

Qatar Doha Bank QSC 2,714 QAR 27,639 26,347 0.02Vodafone Qatar QSC 6,783 QAR 23,151 19,709 0.01

50,790 46,056 0.03

Russian Federation Rostelecom PJSC 19,873 USD 26,266 28,405 0.02

Singapore Fortune Real Estate Investment Trust (Unit) (REIT) 29,000 HKD 30,124 34,573 0.02Keppel (Unit) (REIT) 37,200 SGD 26,793 28,983 0.02Mapletree Commercial Trust (Unit) (REIT) 21,600 SGD 22,538 23,720 0.02Mapletree Greater China Commercial Trust (REIT) 37,700 SGD 25,234 28,253 0.02Mapletree Industrial Trust (Unit) (REIT) 25,400 SGD 28,338 32,416 0.02Mapletree Logistics Trust (Unit) (REIT) 31,900 SGD 22,457 23,670 0.02SATS Ltd 7,900 SGD 22,611 24,092 0.02Singapore Airlines Ltd 11,300 SGD 93,423 89,379 0.06Singapore Post Ltd 34,800 SGD 40,976 37,958 0.02Singapore Press Holdings Ltd 7,800 SGD 22,494 22,861 0.02Singapore Technologies Engineering Ltd 9,900 SGD 22,596 23,139 0.02Singapore Telecommunications Ltd 8,200 SGD 22,697 25,129 0.02UOL Group Ltd 5,200 SGD 22,117 21,067 0.02Venture Corp Ltd 5,500 SGD 32,719 33,791 0.03

435,117 449,031 0.33

South Africa Mediclinic International Plc 7,656 ZAR 92,990 110,240 0.08

South Korea Hyundai Department Store Co Ltd 356 KRW 42,426 39,870 0.03Korea Electric Power Corp 1,538 KRW 75,906 80,649 0.06KT Corp 2,743 KRW 72,135 70,608 0.05LG Uplus Corp 4,587 KRW 41,144 43,407 0.03Lotte Shopping Co Ltd 331 KRW 75,269 58,191 0.04POSCO 1,720 KRW 304,208 300,890 0.22Samsung Electronics Co Ltd 645 KRW 680,666 797,954 0.60Shinsegae Co Ltd 129 KRW 23,468 21,839 0.02Woori Bank 7,101 KRW 56,457 58,690 0.04

1,371,679 1,472,098 1.09

131




% net assets



Spain Ebro Foods SA 1,566 EUR 33,004 35,670 0.03Red Electrica Corp SA 2,320 EUR 195,295 204,491 0.14Viscofan SA 897 EUR 52,385 49,020 0.04

280,684 289,181 0.21

Sweden AAK AB 605 SEK 46,088 42,636 0.03

Switzerland Allreal Holding AG 308 CHF 41,310 42,721 0.03Aryzta AG 1,968 CHF 81,766 71,029 0.05Baloise Holding AG 1,072 CHF 140,244 118,007 0.09Banque Cantonale Vaudoise 61 CHF 40,724 40,866 0.03Cembra Money Bank AG 605 CHF 38,332 41,803 0.03Daetwyler Holding AG 170 CHF 23,670 22,708 0.02DKSH Holding AG 516 CHF 34,433 33,774 0.03Dufry AG 413 CHF 47,083 49,108 0.04Emmi AG 53 CHF 25,318 32,244 0.02Flughafen Zuerich AG 410 CHF 69,389 72,390 0.05Forbo Holding AG 29 CHF 32,673 34,274 0.03Helvetia Holding AG 131 CHF 73,278 67,601 0.05Kuehne + Nagel International AG 1,209 CHF 167,723 167,694 0.12Logitech International SA 1,414 CHF 22,353 22,775 0.02Mobimo Holding AG 132 CHF 29,248 30,118 0.02Novartis AG 3,578 CHF 262,146 290,907 0.22Pargesa Holding SA 646 CHF 40,129 42,117 0.03PSP Swiss Property AG 865 CHF 76,966 84,394 0.06Schindler Holding AG 715 CHF 126,942 128,075 0.09Sika AG 46 CHF 178,021 190,893 0.14Sunrise Communications Group AG '144A' 724 CHF 45,568 46,163 0.03Swiss Life Holding AG 688 CHF 176,146 156,978 0.12Swiss Prime Site AG 1,493 CHF 122,287 134,866 0.10Swisscom AG 544 CHF 283,628 266,493 0.20

2,179,377 2,187,998 1.62

Taiwan Acer Inc 62,000 TWD 22,435 29,021 0.02Asustek Computer Inc 10,000 TWD 86,740 82,303 0.06China Steel Corp 266,000 TWD 177,814 172,336 0.13Chunghwa Telecom Co Ltd 81,000 TWD 264,442 292,524 0.22Compal Electronics Inc 89,000 TWD 55,936 55,868 0.04Far EasTone Telecommunications Co Ltd 34,000 TWD 73,237 82,104 0.06First Financial Holding Co Ltd 194,000 TWD 94,115 101,634 0.08Formosa Petrochemical Corp 37,000 TWD 98,553 100,360 0.07Taiwan Business Bank 95,000 TWD 24,520 24,089 0.02Taiwan Cooperative Financial Holding Co Ltd 171,000 TWD 74,576 75,272 0.06Taiwan Mobile Co Ltd 36,000 TWD 113,133 125,546 0.09WPG Holdings Ltd 28,000 TWD 28,973 32,506 0.02

1,114,474 1,173,563 0.87

Thailand Bangkok Bank PCL (Foreign Market) 7,300 THB 36,699 33,654 0.02BTS Group Holdings PCL (Foreign Market) 124,300 THB 30,448 33,958 0.03IRPC PCL (Foreign Market) 214,700 THB 29,843 29,083 0.02Thai Beverage PCL (Foreign Market) 138,600 SGD 74,819 93,586 0.07Thai Oil PCL (Foreign Market) 17,500 THB 33,397 29,880 0.02

205,206 220,161 0.16

132




% net assets



Turkey BIM Birlesik Magazalar AS 4,366 TRY 87,681 84,537 0.06Eregli Demir ve Celik Fabrikalari TAS 38,268 TRY 48,296 53,865 0.04

135,977 138,402 0.10

United Arab Emirates Emirates Telecommunications Group Co PJSC 17,401 AED 89,268 89,773 0.07

United Kingdom BCA Marketplace Plc 16,727 GBP 42,386 37,253 0.03Berendsen Plc 3,685 GBP 62,059 59,565 0.04Britvic Plc 5,593 GBP 56,452 44,038 0.03Cranswick Plc 1,055 GBP 30,339 29,428 0.02Hansteen Holdings Plc (REIT) 15,434 GBP 23,950 20,862 0.02Informa Plc 11,041 GBP 108,295 105,849 0.08LondonMetric Property Plc (REIT) 13,464 GBP 31,186 26,883 0.02PZ Cussons Plc 6,710 GBP 28,600 29,239 0.02Reckitt Benckiser Group Plc 7,182 GBP 679,795 707,835 0.53Tritax Big Box Plc (REIT) 17,990 GBP 34,421 31,122 0.02

1,097,483 1,092,074 0.81

United States of America Abercrombie & Fitch Co 1,400 USD 43,777 24,626 0.02Alexandria Real Estate Equities Inc (REIT) 1,600 USD 139,210 162,256 0.12ALLETE Inc 400 USD 22,247 25,300 0.02Alliant Energy Corp 4,800 USD 171,459 191,136 0.14Altria Group Inc 3,400 USD 210,387 230,826 0.17American Capital Agency Corp (REIT) 7,400 USD 134,646 144,374 0.11Annaly Capital Management Inc (REIT) 20,300 USD 208,340 220,763 0.16AT&T Inc 17,600 USD 678,155 750,288 0.57Avista Corp 1,300 USD 50,988 56,641 0.04Bank Of Montreal Npv 11,000 USD 646,444 696,960 0.52Baxter International Inc 900 USD 36,119 40,338 0.03BCE Inc Npv 6,100 USD 267,260 286,151 0.21Bemis Co Inc 2,100 USD 109,737 106,113 0.08Big Lots Inc 1,100 USD 48,547 55,330 0.04Brady Corp 'A' 1,000 USD 26,938 29,900 0.02Broadridge Financial Solutions Inc 2,500 USD 140,417 160,650 0.12Brocade Communications Systems Inc 8,900 USD 90,540 80,367 0.06BWX Technologies Inc 2,300 USD 76,544 81,443 0.06Cae Inc Npv 5,800 USD 66,458 69,948 0.05Caleres Inc 900 USD 26,090 21,474 0.02Camden Property Trust (REIT) 1,900 USD 151,570 164,996 0.12Campbell Soup Co 3,800 USD 241,981 242,896 0.18Can Imperial Bk Of Commerce Npv 8,500 USD 620,346 636,225 0.47Capitol Federal Financial Inc 2,700 USD 34,813 36,963 0.03Carlisle Cos Inc 1,400 USD 132,984 144,270 0.11Catalent Inc 2,100 USD 53,650 47,649 0.04Cgi Group Inc - Class A Npv 3,600 USD 156,107 153,468 0.11CH Robinson Worldwide Inc 800 USD 58,474 58,664 0.04Cheesecake Factory Inc 700 USD 36,866 33,201 0.02Children's Place Inc 300 USD 22,951 23,769 0.02Chimera Investment Corp (REIT) 1,900 USD 25,658 29,317 0.02Church & Dwight Co Inc 2,800 USD 256,305 281,288 0.21CMS Energy Corp 5,900 USD 242,386 265,323 0.20Coca-Cola Co 14,900 USD 674,278 665,732 0.49CONMED Corp 500 USD 20,156 23,085 0.02Consolidated Edison Inc 2,100 USD 155,237 165,858 0.12Copart Inc 600 USD 24,295 28,842 0.02Corporate Office Properties Trust (REIT) 2,000 USD 50,775 58,000 0.04Cott Corp Npv 2,300 USD 29,794 31,809 0.02Cousins Properties Inc (REIT) 4,400 USD 43,221 45,012 0.03Darden Restaurants Inc 2,500 USD 167,150 157,875 0.12

133




% net assets



Dick's Sporting Goods Inc 1,900 USD 86,210 81,757 0.06Dillard's Inc 500 USD 41,838 30,110 0.02Dollar General Corp 6,200 USD 527,406 580,816 0.43DSW Inc 1,500 USD 42,523 31,440 0.02DTE Energy Co 500 USD 44,198 48,775 0.04EastGroup Properties Inc (REIT) 700 USD 39,506 48,055 0.04EchoStar Corp 'A' 1,000 USD 44,493 39,000 0.03Edison International 6,600 USD 462,337 501,732 0.37Equity One Inc (REIT) 1,900 USD 53,406 60,097 0.04Eversource Energy 1,500 USD 85,151 88,065 0.07Expeditors International of Washington Inc 4,000 USD 192,538 192,960 0.14Express Inc 1,500 USD 31,074 21,540 0.02F5 Networks Inc 1,500 USD 148,545 167,460 0.12Finisar Corp 2,300 USD 37,225 39,652 0.03First Industrial Realty Trust Inc (REIT) 1,800 USD 39,468 49,248 0.04General Mills Inc 11,100 USD 679,967 770,896 0.58Genuine Parts Co 700 USD 66,436 69,643 0.05Globus Medical Inc 1,500 USD 36,986 35,595 0.03Great Plains Energy Inc 3,300 USD 103,189 98,604 0.07Guess? Inc 1,400 USD 30,417 20,748 0.02Healthcare Trust of America Inc (REIT) 1,000 USD 28,399 32,080 0.02Henry Schein Inc 1,800 USD 301,734 315,144 0.23Hill-Rom Holdings Inc 500 USD 23,412 24,700 0.02IDACORP Inc 1,100 USD 80,929 87,318 0.06InterDigital Inc/PA 800 USD 41,797 43,592 0.03Intuitive Surgical Inc 500 USD 293,788 329,125 0.24Jack Henry & Associates Inc 1,700 USD 138,081 146,200 0.11JM Smucker Co 500 USD 64,249 74,700 0.06Johnson & Johnson 6,300 USD 679,092 750,834 0.57Kellogg Co 5,500 USD 413,119 432,135 0.32Laboratory Corp of America Holdings 2,200 USD 247,750 282,502 0.21Lexington Realty Trust (REIT) 4,500 USD 37,676 44,505 0.03Liberty Property Trust (REIT) 3,200 USD 99,678 124,576 0.09Magellan Health Inc 500 USD 32,370 32,400 0.02Marriott Vacations Worldwide Corp 500 USD 33,470 33,315 0.02Merck & Co Inc 11,700 USD 613,498 666,783 0.49Molina Healthcare Inc 300 USD 19,197 15,156 0.01Monogram Residential Trust Inc (REIT) 3,600 USD 35,759 36,216 0.03Motorola Solutions Inc 1,500 USD 107,987 97,575 0.07New York Community Bancorp Inc 10,400 USD 163,433 154,232 0.11NextEra Energy Inc 1,300 USD 150,325 166,075 0.12Northwest Bancshares Inc 2,200 USD 29,071 31,724 0.02NorthWestern Corp 1,000 USD 60,098 62,295 0.05Owens & Minor Inc 1,300 USD 51,925 48,035 0.04Patterson Cos Inc 1,800 USD 79,584 85,644 0.06Paychex Inc 4,800 USD 255,101 277,296 0.21PepsiCo Inc 6,700 USD 677,908 698,743 0.53Pfizer Inc 17,400 USD 514,150 608,826 0.45Philip Morris International Inc 7,000 USD 675,283 694,050 0.51Piedmont Office Realty Trust Inc 'A' (REIT) 3,100 USD 60,530 65,565 0.05Pinnacle Foods Inc 2,300 USD 104,727 104,121 0.08Pinnacle West Capital Corp 2,400 USD 172,420 190,440 0.14PNM Resources Inc 1,700 USD 56,746 58,684 0.04Post Properties Inc (REIT) 1,200 USD 70,605 72,108 0.05Procter & Gamble Co 1,500 USD 122,002 125,835 0.09Provident Financial Services Inc 1,300 USD 25,137 25,103 0.02Public Service Enterprise Group Inc 5,200 USD 232,718 235,820 0.17Quanta Services Inc 3,400 USD 74,516 76,432 0.06Regency Centers Corp (REIT) 2,000 USD 149,545 165,400 0.12Reliance Steel & Aluminum Co 400 USD 26,912 29,976 0.02Republic Services Inc 'A' 5,100 USD 242,068 256,785 0.19ResMed Inc 3,000 USD 176,393 186,480 0.14Retail Opportunity Investments Corp (REIT) 2,100 USD 39,933 45,486 0.03

134




% net assets



Rogers Communications IncB Npv 7,700 USD 295,461 308,616 0.23SCANA Corp 3,100 USD 209,406 229,865 0.17Select Income (REIT) 1,300 USD 28,322 33,189 0.02Shaw Communications IncB Npv 3,100 USD 57,429 59,458 0.04Sonoco Products Co 2,200 USD 103,387 105,930 0.08Southern Co 13,600 USD 684,692 711,008 0.54SpartanNash Co 800 USD 22,479 23,256 0.02St Jude Medical Inc 1,600 USD 88,587 123,984 0.09STAG Industrial Inc (REIT) 1,300 USD 24,239 30,771 0.02Staples Inc 8,400 USD 80,664 71,274 0.05Stryker Corp 6,400 USD 671,241 759,040 0.57Synopsys Inc 1,000 USD 46,424 53,500 0.04Sysco Corp 11,300 USD 518,487 567,938 0.42Tanger Factory Outlet Centers Inc (REIT) 2,000 USD 69,921 79,780 0.06Target Corp 8,200 USD 669,731 573,836 0.43Teleflex Inc 900 USD 133,060 157,428 0.12Telephone & Data Systems Inc 2,000 USD 55,277 57,920 0.04TELUS Corp Npv 4,200 USD 129,525 135,030 0.10United Parcel Service Inc 'B' 1,100 USD 111,595 116,776 0.09UnitedHealth Group Inc 1,200 USD 149,865 168,528 0.12Universal Corp/VA 500 USD 27,318 27,920 0.02Urban Outfitters Inc 1,900 USD 60,913 51,167 0.04Varian Medical Systems Inc 2,100 USD 163,219 169,596 0.13Vector Group Ltd 1,900 USD 43,732 41,971 0.03Vectren Corp 1,800 USD 88,551 92,934 0.07Verizon Communications Inc 12,800 USD 674,378 704,000 0.53Washington Federal Inc 2,000 USD 44,233 47,760 0.04Washington Real Estate Investment Trust (REIT) 1,500 USD 41,397 46,335 0.03Waste Management Inc 8,900 USD 522,320 580,280 0.43WEC Energy Group Inc 6,800 USD 396,831 436,628 0.32Weingarten Realty Investors (REIT) 2,400 USD 88,707 96,360 0.07WP Carey Inc (REIT) 500 USD 29,899 34,375 0.03Xcel Energy Inc 10,900 USD 441,582 478,837 0.35

23,462,200 24,914,620 18.48

Total Shares 44,040,959 45,910,405 34.03




135




% net assets

Statement of Investments as at June 30, 2016 (expressed in USD)


MUTUAL FUNDS

Ireland iShares $ Treasury Bond 20+yr UCITS - ETF 467,822 USD 2,295,336 2,437,353 1.99iShares Edge MSCI World Minimum Volatility UCITS - ETF 214,629 USD 7,966,563 8,194,535 6.71iShares US Aggregate Bond UCITS - ETF 74,124 USD 7,786,021 7,927,562 6.48

18,047,920 18,559,450 15.18

Luxembourg Eastspring Investments - Global Emerging Markets Bond Fund 1,494,841 USD 18,400,000 19,889,160 16.27Eastspring Investments - Global Low Volatility Equity Fund 547,723 USD 5,750,000 6,126,724 5.01Eastspring Investments - US Corporate Bond Fund 655,773 USD 11,009,601 11,705,486 9.57

35,159,601 37,721,370 30.85

United Kingdom iShares JP Morgan $ Emerging Markets Bond UCITS - ETF 30,494 USD 3,408,722 3,453,446 2.82


BONDS

Australia FMG Resources August 2006 Pty Ltd 6.875% 1/4/2022 '144A' 300,000 USD 249,468 283,500 0.23

Austria JBS Investments GmbH 7.25% 3/4/2024 '144A' 200,000 USD 185,585 205,750 0.17

Bermuda Aircastle Ltd 5.5% 15/2/2022 150,000 USD 153,019 157,125 0.13Weatherford International Ltd 8.25% 15/6/2023 100,000 USD 100,000 94,500 0.08

253,019 251,625 0.21

Brazil Brazilian Government International Bond 4.25% 7/1/2025 500,000 USD 454,696 489,375 0.40

Canada Bombardier Inc 7.5% 15/3/2025 '144A' 200,000 USD 163,326 174,500 0.14Cenovus Energy Inc 4.45% 15/9/2042 100,000 USD 65,663 77,500 0.06GFL Environmental Inc 9.875% 1/2/2021 '144A' 100,000 USD 103,107 107,250 0.09MDC Partners Inc 6.5% 1/5/2024 '144A' 85,000 USD 85,000 83,725 0.07Valeant Pharmaceuticals International Inc 6.125% 15/4/2025 '144A' 350,000 USD 296,747 283,500 0.23

713,843 726,475 0.59

Cayman Islands Transocean Inc 8.125% 15/12/2021 200,000 USD 136,654 167,500 0.13Vale Overseas Ltd 4.375% 11/1/2022 150,000 USD 128,373 141,000 0.12

265,027 308,500 0.25

Colombia Colombia Government International Bond 8.125% 21/5/2024 150,000 USD 183,404 195,000 0.16

Hungary Hungary Government International Bond 5.375% 25/3/2024 200,000 USD 221,620 223,250 0.18

Ireland AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.625% 1/7/2022 200,000 USD 204,513 204,000 0.16Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 7.25% 15/5/2024 '144A' 200,000 USD 200,000 204,000 0.17

404,513 408,000 0.33

GLOBAL MULTI ASSET INCOME PLUS GROWTH FUND

136




% net assets


GLOBAL MULTI ASSET INCOME PLUS GROWTH FUND (continued)

Italy Enel SpA FRN 24/9/2073 '144A' 200,000 USD 220,190 229,000 0.19

Luxembourg Altice Finco SA 7.625% 15/2/2025 '144A' 200,000 USD 190,834 183,100 0.15ArcelorMittal 6.125% 1/6/2025 250,000 USD 220,857 245,625 0.20Gazprom OAO Via Gaz Capital SA 6.51% 7/3/2022 '144A' 100,000 USD 102,835 110,816 0.09Intelsat Jackson Holdings SA 5.5% 1/8/2023 100,000 USD 64,335 61,750 0.05Telecom Italia Capital SA 7.175% 18/6/2019 100,000 USD 110,737 112,380 0.09Wind Acquisition Finance SA 4.75% 15/7/2020 '144A' 200,000 USD 195,825 194,500 0.16

885,423 908,171 0.74

Malta VistaJet Malta Finance Plc / VistaJet Co Finance LLC 7.75% 1/6/2020 '144A' 200,000 USD 97,247 89,000 0.07

Mexico Mexico Government International Bond 4.125% 21/1/2026 200,000 USD 205,665 216,252 0.18

Netherlands JLL/Delta Dutch Pledgeco BV 8.75% 1/5/2020 '144A' 100,000 USD 93,064 98,750 0.08Petrobras Global Finance BV 4.375% 20/5/2023 500,000 USD 369,495 403,125 0.33Schaeffler Finance BV 4.75% 15/5/2023 '144A' 200,000 USD 199,044 203,750 0.17

661,603 705,625 0.58

Russia Russian Foreign Bond - Eurobond 4.875% 16/9/2023 '144A' 200,000 USD 208,068 218,140 0.18

Serbia Serbia International Bond 4.875% 25/2/2020 '144A' 200,000 USD 204,383 206,000 0.17

United Kingdom Anglo American Capital Plc 4.125% 27/9/2022 '144A' 200,000 USD 171,441 188,500 0.15EnQuest Plc 7% 15/4/2022 '144A' 200,000 USD 91,575 119,750 0.10Ensco Plc 5.2% 15/3/2025 150,000 USD 91,284 103,500 0.08International Game Technology Plc 6.25% 15/2/2022 '144A' 200,000 USD 193,842 203,500 0.17Royal Bank of Scotland Group Plc 5.125% 28/5/2024 150,000 USD 145,056 145,746 0.12Sensata Technologies UK Financing Co Plc 6.25% 15/2/2026 '144A' 200,000 USD 213,105 206,000 0.17

906,303 966,996 0.79

United States of America Advanced Disposal Services Inc 8.25% 1/10/2020 100,000 USD 102,530 100,250 0.08AECOM 5.875% 15/10/2024 150,000 USD 157,117 153,000 0.13AES Corp/VA 6% 15/5/2026 100,000 USD 100,000 100,000 0.08Alcoa Inc 5.125% 1/10/2024 200,000 USD 192,700 201,000 0.16Ally Financial Inc 5.125% 30/9/2024 250,000 USD 258,874 252,188 0.22AMC Entertainment Inc 5.75% 15/6/2025 100,000 USD 102,899 99,250 0.08Antero Resources Corp 5.125% 1/12/2022 100,000 USD 89,037 96,000 0.08APX Group Inc 6.375% 1/12/2019 100,000 USD 101,262 97,750 0.08Aramark Services Inc 5.125% 15/1/2024 100,000 USD 106,002 101,500 0.08Argos Merger Sub Inc 7.125% 15/3/2023 '144A' 100,000 USD 106,005 101,875 0.08Ashland Inc 4.75% 15/8/2022 100,000 USD 102,140 99,000 0.08B&G Foods Inc 4.625% 1/6/2021 100,000 USD 101,975 100,250 0.08Ball Corp 4% 15/11/2023 150,000 USD 148,561 147,375 0.12Bank of America Corp FRN Perpetual 100,000 USD 100,000 105,250 0.09Bank of America Corp 5.42% 15/3/2017 100,000 USD 102,463 102,628 0.08Boyd Gaming Corp 6.875% 15/5/2023 100,000 USD 105,320 106,000 0.09Builders FirstSource Inc 10.75% 15/8/2023 '144A' 100,000 USD 96,648 109,125 0.09California Resources Corp 8% 15/12/2022 '144A' 300,000 USD 141,938 214,500 0.18Calpine Corp 5.375% 15/1/2023 100,000 USD 96,661 96,250 0.08Calumet Specialty Products Partners LP / Calumet Finance Corp 7.75% 15/4/2023 125,000 USD 76,750 87,500 0.07

137




% net assets



Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 '144A' 135,000 USD 132,767 150,525 0.12Carrizo Oil & Gas Inc 6.25% 15/4/2023 73,000 USD 60,441 70,445 0.06CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 1/5/2025 '144A' 200,000 USD 201,448 202,500 0.17Cemex Finance LLC 6% 1/4/2024 '144A' 250,000 USD 234,684 242,188 0.21Centene Corp 4.75% 15/5/2022 150,000 USD 152,601 152,063 0.12CenturyLink Inc 5.8% 15/3/2022 Series T 150,000 USD 149,616 144,895 0.12CHS/Community Health Systems Inc 6.875% 1/2/2022 250,000 USD 223,966 218,438 0.18Cinemark USA Inc 4.875% 1/6/2023 100,000 USD 101,403 98,250 0.08CIT Group Inc 5% 1/8/2023 200,000 USD 204,814 200,000 0.16Citgo Holding Inc 10.75% 15/2/2020 '144A' 100,000 USD 96,779 100,500 0.08Citigroup Inc FRN Perpetual Series R 100,000 USD 100,050 101,250 0.08Citigroup Inc FRN Perpetual Series T 142,000 USD 142,000 145,373 0.12CNH Industrial Capital LLC 3.375% 15/7/2019 150,000 USD 145,583 147,750 0.12CommScope Technologies Finance LLC 6% 15/6/2025 '144A' 150,000 USD 152,743 152,250 0.12Concho Resources Inc 7% 15/1/2021 100,000 USD 102,830 103,000 0.08Constellation Brands Inc 4.25% 1/5/2023 100,000 USD 103,393 102,750 0.08Continental Resources Inc 4.5% 15/4/2023 250,000 USD 213,859 234,375 0.19Diamond 1 Finance Corp / Diamond 2 Finance Corp 5.875% 15/6/2021 '144A' 100,000 USD 100,000 102,000 0.08Diamond 1 Finance Corp / Diamond 2 Finance Corp 6.02% 15/6/2026 '144A' 100,000 USD 99,953 103,483 0.08DISH DBS Corp 5.125% 1/5/2020 200,000 USD 203,918 203,500 0.17DISH DBS Corp 7.75% 1/7/2026 '144A' 100,000 USD 100,000 102,750 0.08DJO Finco Inc / DJO Finance LLC / DJO Finance Corp 8.125% 15/6/2021 '144A' 100,000 USD 93,138 86,000 0.07Dollar Tree Inc 5.75% 1/3/2023 '144A' 100,000 USD 106,684 106,250 0.09Dynegy Inc 5.875% 1/6/2023 100,000 USD 80,863 86,500 0.07Energy Transfer Equity LP 5.875% 15/1/2024 100,000 USD 88,001 97,500 0.08EnLink Midstream Partners LP 4.4% 1/4/2024 150,000 USD 124,645 139,500 0.11EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 100,000 USD 37,791 61,000 0.05ESH Hospitality Inc 5.25% 1/5/2025 '144A' 200,000 USD 197,097 193,750 0.16FelCor Lodging LP 5.625% 1/3/2023 100,000 USD 103,584 99,875 0.08First Data Corp 5.75% 15/1/2024 '144A' 100,000 USD 101,920 98,750 0.08FirstEnergy Transmission LLC 4.35% 15/1/2025 '144A' 150,000 USD 153,981 159,065 0.13Florida East Coast Holdings Corp 6.75% 1/5/2019 '144A' 100,000 USD 101,575 99,750 0.08Freeport-McMoRan Inc 5.4% 14/11/2034 300,000 USD 191,961 240,000 0.20Frontier Communications Corp 11% 15/9/2025 300,000 USD 308,158 309,750 0.26General Motors Financial Co Inc 5.25% 1/3/2026 150,000 USD 156,149 162,000 0.13GenOn Energy Inc 7.875% 15/6/2017 100,000 USD 87,541 83,500 0.07Glencore Funding LLC 4.625% 29/4/2024 '144A' 100,000 USD 86,231 91,000 0.07Goldman Sachs Group Inc FRN Perpetual 150,000 USD 144,412 147,750 0.12Goodyear Tire & Rubber Co 5% 31/5/2026 100,000 USD 100,000 101,750 0.08Goodyear Tire & Rubber Co 5.125% 15/11/2023 100,000 USD 103,951 103,250 0.08Halcon Resources Corp 8.625% 1/2/2020 '144A' 200,000 USD 159,118 189,000 0.15HCA Inc 5.25% 15/6/2026 400,000 USD 408,724 413,999 0.35HD Supply Inc 7.5% 15/7/2020 100,000 USD 105,627 104,375 0.09HealthSouth Corp 5.75% 1/11/2024 100,000 USD 103,436 99,750 0.08Hertz Corp 6.75% 15/4/2019 100,000 USD 101,150 102,250 0.08Hexion Inc 6.625% 15/4/2020 100,000 USD 83,380 84,000 0.07Hologic Inc 5.25% 15/7/2022 '144A' 100,000 USD 106,035 103,750 0.08Hughes Satellite Systems Corp 7.625% 15/6/2021 100,000 USD 110,343 107,250 0.09Huntington Ingalls Industries Inc 5% 15/11/2025 '144A' 100,000 USD 105,806 104,500 0.09IASIS Healthcare LLC / IASIS Capital Corp 8.375% 15/5/2019 100,000 USD 99,252 95,000 0.08Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.875% 15/3/2019 100,000 USD 97,998 97,875 0.08iHeartCommunications Inc 9% 1/3/2021 100,000 USD 71,646 69,500 0.06JPMorgan Chase & Co FRN Perpetual 200,000 USD 200,693 202,000 0.17KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5% 1/6/2024 '144A' 100,000 USD 100,000 101,750 0.08Kindred Healthcare Inc 8% 15/1/2020 100,000 USD 97,243 99,625 0.08Kraton Polymers LLC / Kraton Polymers Capital Corp 10.5% 15/4/2023 '144A' 37,000 USD 33,805 39,266 0.03

138




% net assets



L Brands Inc 5.625% 15/2/2022 200,000 USD 217,633 214,750 0.18Landry's Inc 9.375% 1/5/2020 '144A' 100,000 USD 105,083 105,000 0.09Level 3 Financing Inc 5.375% 1/5/2025 200,000 USD 207,146 199,000 0.16Liberty Interactive LLC 8.5% 15/7/2029 100,000 USD 104,059 104,500 0.09M/I Homes Inc 6.75% 15/1/2021 150,000 USD 149,823 151,500 0.12Masco Corp 4.375% 1/4/2026 99,000 USD 98,543 102,465 0.08Men's Wearhouse Inc 7% 1/7/2022 150,000 USD 129,739 124,500 0.10Meritor Inc 6.25% 15/2/2024 100,000 USD 86,070 84,250 0.07MGM Resorts International 6.75% 1/10/2020 200,000 USD 216,760 218,000 0.18Micron Technology Inc 5.5% 1/2/2025 100,000 USD 87,938 84,500 0.07MPLX LP 4.875% 1/12/2024 '144A' 150,000 USD 129,757 146,250 0.12Navient Corp 4.875% 17/6/2019 'MTN' 100,000 USD 97,514 96,000 0.08Navistar International Corp 8.25% 1/11/2021 100,000 USD 69,782 70,000 0.06Neiman Marcus Group Ltd LLC 8.75% 15/10/2021 '144A' 150,000 USD 97,591 113,250 0.09Netflix Inc 5.875% 15/2/2025 100,000 USD 106,544 104,250 0.09Nielsen Finance LLC / Nielsen Finance Co 5% 15/4/2022 '144A' 150,000 USD 152,688 151,875 0.12NuStar Logistics LP 4.75% 1/2/2022 100,000 USD 81,457 93,250 0.08Owens-Brockway Glass Container Inc 5.375% 15/1/2025 '144A' 100,000 USD 100,000 98,000 0.08Platform Specialty Products Corp 6.5% 1/2/2022 '144A' 100,000 USD 87,130 87,750 0.07Post Holdings Inc 8% 15/7/2025 '144A' 200,000 USD 222,806 220,500 0.18Prestige Brands Inc 6.375% 1/3/2024 '144A' 100,000 USD 105,045 102,750 0.08Prime Security Services Borrower LLC / Prime Finance Inc 9.25% 15/5/2023 '144A' 100,000 USD 100,000 105,750 0.09PulteGroup Inc 5.5% 1/3/2026 150,000 USD 155,329 154,500 0.13PVH Corp 4.5% 15/12/2022 100,000 USD 103,094 100,750 0.08Regal Entertainment Group 5.75% 15/3/2022 100,000 USD 102,479 102,750 0.08Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 6.875% 15/2/2021 100,000 USD 104,216 103,500 0.08Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 8.25% 15/2/2021 100,000 USD 101,874 104,000 0.09Rice Energy Inc 7.25% 1/5/2023 100,000 USD 88,051 101,750 0.08Rite Aid Corp 6.125% 1/4/2023 '144A' 100,000 USD 107,834 106,000 0.09Sabine Pass Liquefaction LLC 5.625% 1/3/2025 200,000 USD 191,315 198,500 0.16Sally Holdings LLC / Sally Capital Inc 5.75% 1/6/2022 100,000 USD 105,455 103,500 0.08Scientific Games International Inc 6.625% 15/5/2021 150,000 USD 94,785 91,125 0.07Scientific Games International Inc 10% 1/12/2022 100,000 USD 82,126 80,500 0.07Sinclair Television Group Inc 5.625% 1/8/2024 '144A' 100,000 USD 102,887 102,250 0.08Sirius XM Radio Inc 5.375% 15/7/2026 '144A' 106,000 USD 106,000 103,880 0.08Sirius XM Radio Inc 6% 15/7/2024 '144A' 100,000 USD 106,496 103,000 0.08SM Energy Co 5% 15/1/2024 100,000 USD 52,947 85,250 0.07Smithfield Foods Inc 6.625% 15/8/2022 100,000 USD 106,899 104,250 0.09Southwestern Energy Co 4.95% 23/1/2025 100,000 USD 63,347 95,500 0.08Spectrum Brands Inc 5.75% 15/7/2025 100,000 USD 107,491 103,625 0.08Sprint Corp 7.875% 15/9/2023 300,000 USD 239,637 244,500 0.21Steel Dynamics Inc 5.125% 1/10/2021 100,000 USD 101,681 102,500 0.08Talen Energy Supply LLC 4.6% 15/12/2021 150,000 USD 112,400 109,875 0.09Tenet Healthcare Corp 6.75% 15/6/2023 300,000 USD 290,242 289,125 0.25Tesoro Corp 5.375% 1/10/2022 100,000 USD 98,572 101,000 0.08Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.25% 15/10/2022 150,000 USD 145,711 156,375 0.13T-Mobile USA Inc 6% 1/3/2023 250,000 USD 260,433 259,375 0.22Toys R Us Property Co II LLC 8.5% 1/12/2017 100,000 USD 98,528 98,750 0.08United Rentals North America Inc 6.125% 15/6/2023 150,000 USD 154,233 154,875 0.13Univision Communications Inc 5.125% 15/2/2025 '144A' 100,000 USD 99,411 99,000 0.08US Foods Inc 5.875% 15/6/2024 '144A' 100,000 USD 100,000 102,000 0.08Western Digital Corp 10.5% 1/4/2024 '144A' 100,000 USD 100,000 106,750 0.09WideOpenWest Finance LLC / WideOpenWest Capital Corp 10.25% 15/7/2019 100,000 USD 97,055 103,375 0.08Windstream Services LLC 6.375% 1/8/2023 100,000 USD 77,439 82,500 0.07Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.5% 1/3/2025 '144A' 100,000 USD 97,105 96,500 0.08ZF North America Capital Inc 4.75% 29/4/2025 '144A' 150,000 USD 150,000 150,375 0.12

16,621,848 17,009,401 13.92

139




% net assets



Venezuela Petroleos de Venezuela SA 5.375% 12/4/2027 200,000 USD 65,979 70,000 0.06

Total Bonds 23,007,884 23,710,060 19.40

SHARES

Australia Amcor Ltd/Australia 5,003 AUD 50,113 55,548 0.05ASX Ltd 1,109 AUD 33,539 37,739 0.03Aurizon Holdings Ltd 9,154 AUD 27,095 32,812 0.03BHP Billiton Ltd 13,079 AUD 149,894 181,396 0.14Brambles Ltd 6,656 AUD 60,388 61,328 0.05Incitec Pivot Ltd 9,501 AUD 19,495 20,985 0.02Insurance Australia Group Ltd 10,621 AUD 38,803 43,047 0.04LendLease Group 2,707 AUD 25,586 25,365 0.02Orica Ltd 2,304 AUD 23,572 21,126 0.02Rio Tinto Ltd 1,803 AUD 53,303 61,008 0.05Sonic Healthcare Ltd 1,680 AUD 22,029 26,924 0.02Suncorp Group Ltd 5,810 AUD 46,731 52,626 0.04Telstra Corp Ltd 15,032 AUD 53,736 62,154 0.05Wesfarmers Ltd 4,549 AUD 127,003 135,654 0.11Woodside Petroleum Ltd 3,276 AUD 60,429 65,389 0.05Woolworths Ltd 5,356 AUD 86,542 83,206 0.07

878,258 966,307 0.79

Bermuda Cheung Kong Infrastructure Holdings Ltd 3,000 HKD 30,924 25,790 0.02Invesco Ltd 2,400 USD 66,932 59,760 0.05

97,856 85,550 0.07

Brazil Ambev SA 21,000 BRL 95,766 123,415 0.11BB Seguridade Participacoes SA 4,600 BRL 29,242 40,013 0.03CETIP SA - Mercados Organizados 2,100 BRL 20,124 28,306 0.02

145,132 191,734 0.16

Canada Royal Bank Of Canada Npv 6,300 USD 329,148 371,259 0.30

Cayman Islands CK Hutchison Holdings Ltd 11,500 HKD 140,354 125,318 0.10Sands China Ltd 10,400 HKD 36,611 34,783 0.03

176,965 160,101 0.13

China Agricultural Bank of China Ltd 'H' 103,000 HKD 34,498 37,568 0.03Bank of China Ltd 'H' 331,000 HKD 126,214 131,821 0.11China Construction Bank Corp 'H' 349,000 HKD 207,260 230,301 0.20China Merchants Bank Co Ltd 'H' 23,000 HKD 44,414 51,402 0.04China Petroleum & Chemical Corp 'H' 138,000 HKD 80,709 99,602 0.08China Vanke Co Ltd 'H' 8,000 HKD 18,288 15,672 0.01Industrial & Commercial Bank of China Ltd 'H' 298,000 HKD 150,196 164,768 0.13

661,579 731,134 0.60

Finland Elisa OYJ 809 EUR 29,436 30,937 0.03Fortum OYJ 2,227 EUR 30,175 35,451 0.03Nokian Renkaat OYJ 607 EUR 20,196 21,667 0.02Sampo OYJ 1,876 EUR 86,048 75,305 0.06UPM-Kymmene OYJ 2,569 EUR 44,480 46,636 0.04Wartsila OYJ Abp 1,032 EUR 43,092 41,564 0.03

253,427 251,560 0.21

140




% net assets



France AXA SA 7,937 EUR 179,628 155,023 0.13Bouygues SA 985 EUR 39,001 28,234 0.02Cie de Saint-Gobain 2,149 EUR 85,217 81,367 0.07Cie Generale des Etablissements Michelin 764 EUR 70,757 72,488 0.06Edenred 1,020 EUR 17,956 20,869 0.02Eutelsat Communications SA 746 EUR 23,192 14,065 0.01Rexel SA 1,489 EUR 18,444 18,473 0.02Sanofi 4,596 EUR 367,251 378,178 0.31Schneider Electric SE 2,264 EUR 130,141 131,803 0.11SCOR SE 748 EUR 26,828 22,106 0.02Technip SA 447 EUR 22,361 23,934 0.02TOTAL SA 8,672 EUR 391,675 415,107 0.33Vinci SA 1,947 EUR 135,451 137,070 0.11

1,507,902 1,498,717 1.23

Germany Allianz SE 1,745 EUR 264,555 244,903 0.20BASF SE 3,559 EUR 239,651 269,507 0.22Daimler AG 3,774 EUR 264,855 222,606 0.18Deutsche Boerse AG 761 EUR 63,462 61,569 0.05Hannover Rueck SE 320 EUR 33,684 33,111 0.03HUGO BOSS AG 319 EUR 17,905 17,912 0.01Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 600 EUR 119,442 99,048 0.08ProSiebenSat.1 Media SE 895 EUR 47,246 38,568 0.03Siemens AG 3,170 EUR 299,740 320,431 0.27

1,350,540 1,307,655 1.07

Hong Kong Bank of East Asia Ltd 6,800 HKD 22,272 26,117 0.02BOC Hong Kong Holdings Ltd 15,500 HKD 40,524 46,347 0.04CLP Holdings Ltd 7,500 HKD 66,327 76,364 0.06CNOOC Ltd 81,000 HKD 86,294 100,429 0.08Hang Lung Properties Ltd 17,000 HKD 30,121 34,224 0.03Hang Seng Bank Ltd 3,000 HKD 51,158 51,154 0.04New World Development Co Ltd 37,000 HKD 31,626 37,434 0.03Power Assets Holdings Ltd 6,000 HKD 57,413 54,943 0.04Sun Hung Kai Properties Ltd 7,000 HKD 80,526 83,949 0.07Swire Pacific Ltd 'A' 4,000 HKD 39,465 45,161 0.04Wharf Holdings Ltd 8,000 HKD 40,656 48,409 0.04

546,382 604,531 0.49

Indonesia Astra International Tbk PT 99,500 IDR 52,214 55,728 0.05Telekomunikasi Indonesia Persero Tbk PT 281,100 IDR 69,434 84,675 0.06

121,648 140,403 0.11

Ireland Eaton Corp Plc 1,900 USD 110,348 110,922 0.09James Hardie Industries Plc 2,366 AUD 30,042 35,982 0.03Seagate Technology Plc 1,200 USD 39,888 28,200 0.02

180,278 175,104 0.14

Italy Snam SpA 7,782 EUR 42,549 45,806 0.04Terna Rete Elettrica Nazionale SpA 6,470 EUR 34,217 35,228 0.03

76,766 81,034 0.07

Japan Canon Inc 4,000 JPY 112,071 113,343 0.09Daito Trust Construction Co Ltd 300 JPY 41,179 48,567 0.04

141




% net assets



FANUC Corp 800 JPY 116,095 128,696 0.11ITOCHU Corp 7,300 JPY 85,806 88,032 0.07Lawson Inc 300 JPY 23,005 23,846 0.02Marubeni Corp 7,600 JPY 37,591 33,976 0.03Mitsui & Co Ltd 7,500 JPY 86,105 88,546 0.07NTT DOCOMO Inc 5,600 JPY 130,412 150,727 0.12Sekisui House Ltd 2,900 JPY 47,791 50,207 0.04Sumitomo Metal Mining Co Ltd 2,000 JPY 21,311 20,013 0.02

701,366 745,953 0.61

Luxembourg SES SA 1,347 EUR 36,466 29,035 0.02Tenaris SA 1,612 EUR 17,995 23,134 0.02

54,461 52,169 0.04

Malaysia Axiata Group Bhd 16,500 MYR 23,690 23,042 0.02DiGi.Com Bhd 20,000 MYR 23,673 23,713 0.02Malayan Banking Bhd 21,200 MYR 43,976 42,805 0.04Maxis Bhd 11,300 MYR 16,821 16,509 0.01Public Bank Bhd 7,800 MYR 34,682 37,535 0.03Sime Darby Bhd 18,900 MYR 34,940 35,583 0.03

177,782 179,187 0.15

Mexico Kimberly-Clark de Mexico SAB de CV 15,500 MXN 34,198 36,582 0.03

Netherlands Aegon NV 7,879 EUR 40,780 30,857 0.03Boskalis Westminster 736 EUR 27,151 25,314 0.02Koninklijke Philips NV 3,922 EUR 103,008 96,811 0.08LyondellBasell Industries NV 'A' 1,600 USD 129,463 117,360 0.10Unilever NV 6,362 EUR 279,593 293,784 0.23

579,995 564,126 0.46

Norway Gjensidige Forsikring ASA 1,015 NOK 15,899 16,819 0.01Orkla ASA 3,590 NOK 30,287 31,630 0.03Statoil ASA 5,007 NOK 73,359 85,958 0.08Telenor ASA 3,225 NOK 48,773 52,824 0.04Yara International ASA 937 NOK 36,354 29,465 0.02

204,672 216,696 0.18

Poland Bank Pekao SA 651 PLN 24,599 22,289 0.02Powszechny Zaklad Ubezpieczen SA 3,341 PLN 28,782 23,930 0.02

53,381 46,219 0.04

Portugal EDP - Energias de Portugal SA 12,433 EUR 38,818 37,828 0.03Galp Energia SGPS SA 2,436 EUR 27,220 33,281 0.03

66,038 71,109 0.06

Qatar Industries Qatar QSC 1,129 QAR 32,874 30,386 0.02Qatar National Bank 1,033 QAR 38,620 39,716 0.04

71,494 70,102 0.06

142




% net assets



Russia Gazprom PJSC ADR 34,903 USD 132,689 149,856 0.13MMC Norilsk Nickel PJSC ADR 3,238 USD 39,969 42,774 0.03Surgutneftegas OJSC ADR 9,226 USD 48,728 46,730 0.04Tatneft PJSC ADR 1,760 USD 47,622 53,293 0.04

269,008 292,653 0.24

Singapore ComfortDelGro Corp Ltd 13,000 SGD 27,809 26,526 0.02DBS Group Holdings Ltd 6,600 SGD 65,133 77,180 0.06Keppel Corp Ltd 8,300 SGD 31,426 33,872 0.03Oversea-Chinese Banking Corp Ltd 11,000 SGD 63,533 70,928 0.06Singapore Exchange Ltd 6,000 SGD 31,146 33,924 0.03Singapore Technologies Engineering Ltd 17,900 SGD 38,163 41,838 0.03Singapore Telecommunications Ltd 29,000 SGD 76,716 88,870 0.08United Overseas Bank Ltd 4,900 SGD 60,061 66,971 0.05

393,987 440,109 0.36

South Africa Barclays Africa Group Ltd 2,435 ZAR 21,546 23,934 0.02FirstRand Ltd 17,482 ZAR 51,789 53,429 0.04MTN Group Ltd 7,115 ZAR 62,253 69,572 0.06RMB Holdings Ltd 7,223 ZAR 26,910 27,665 0.02Sanlam Ltd 11,542 ZAR 41,303 47,807 0.04Sasol Ltd 2,512 ZAR 69,646 67,067 0.05Standard Bank Group Ltd 6,585 ZAR 46,919 57,418 0.05Vodacom Group Ltd 3,222 ZAR 30,564 36,847 0.03

350,930 383,739 0.31

South Korea KT&G Corp 473 KRW 41,633 56,053 0.05SK Telecom Co Ltd 92 KRW 16,721 17,212 0.01

58,354 73,265 0.06

Spain Abertis Infraestructuras SA 2,223 EUR 31,812 32,422 0.03Enagas SA 799 EUR 22,675 23,959 0.02Endesa SA 1,143 EUR 20,807 22,566 0.02Gas Natural SDG SA 1,793 EUR 31,618 34,711 0.03Red Electrica Corp SA 340 EUR 27,173 29,969 0.02Repsol SA 4,713 EUR 50,654 59,571 0.05Repsol SA Rights 10/07/2016 4,713 EUR – 1,519 0.00

184,739 204,717 0.17

Sweden Atlas Copco AB 1,836 SEK 38,815 42,408 0.03Electrolux AB 1,089 SEK 25,762 29,042 0.02Hennes & Mauritz AB 3,796 SEK 124,689 109,645 0.09Industrivarden AB 1,539 SEK 23,903 24,539 0.02Sandvik AB 4,975 SEK 45,410 48,955 0.04Skanska AB 1,724 SEK 36,987 35,372 0.03SKF AB 1,633 SEK 27,180 25,864 0.02Swedish Match AB 974 SEK 31,497 33,471 0.03Telefonaktiebolaget LM Ericsson 'B' 12,219 SEK 113,512 92,302 0.08Telia Co AB 10,654 SEK 49,913 49,267 0.04

517,668 490,865 0.40

Switzerland ABB Ltd 9,457 CHF 171,310 184,632 0.15Adecco Group AG 735 CHF 43,204 36,866 0.03Garmin Ltd 500 USD 20,726 20,645 0.02

143




% net assets



Givaudan SA 38 CHF 70,942 76,138 0.06Kuehne + Nagel International AG 175 CHF 23,320 24,273 0.02Nestle SA 12,482 CHF 894,799 959,776 0.78Novartis AG 8,948 CHF 648,181 727,511 0.60Roche Holding AG 2,736 CHF 711,627 711,555 0.58SGS SA 25 CHF 51,123 57,067 0.05Swiss Prime Site AG 370 CHF 29,768 33,423 0.03Swiss Re AG 1,386 CHF 125,187 119,371 0.10Swisscom AG 95 CHF 47,563 46,538 0.04Syngenta AG 363 CHF 146,715 139,281 0.11Zurich Insurance Group AG 605 CHF 121,411 146,854 0.12

3,105,876 3,283,930 2.69

Taiwan Advanced Semiconductor Engineering Inc 34,000 TWD 38,489 38,628 0.03Asustek Computer Inc 4,000 TWD 32,964 32,921 0.03Cathay Financial Holding Co Ltd 43,000 TWD 48,093 46,654 0.04Cheng Shin Rubber Industry Co Ltd 13,000 TWD 22,800 27,242 0.02Chunghwa Telecom Co Ltd 13,000 TWD 41,402 46,948 0.04Delta Electronics Inc 10,000 TWD 40,602 48,359 0.04Far EasTone Telecommunications Co Ltd 12,000 TWD 25,285 28,978 0.02Fubon Financial Holding Co Ltd 34,000 TWD 40,439 39,682 0.03HON HAI Precision Industry Co Ltd 63,000 TWD 147,770 161,118 0.13MediaTek Inc 7,000 TWD 49,130 52,946 0.04Pou Chen Corp 21,000 TWD 26,498 28,025 0.02Quanta Computer Inc 19,000 TWD 32,406 35,928 0.03Siliconware Precision Industries Co Ltd 14,000 TWD 21,137 21,244 0.02Taiwan Mobile Co Ltd 9,000 TWD 28,119 31,387 0.03Taiwan Semiconductor Manufacturing Co Ltd 99,000 TWD 454,258 498,697 0.41

1,049,392 1,138,757 0.93

Thailand Bangkok Bank PCL (Foreign Market) 6,000 THB 27,632 27,660 0.02Glow Energy PCL (Foreign Market) NVDR 11,000 THB 25,251 26,843 0.02

52,883 54,503 0.04

United Arab Emirates Emirates Telecommunications Group Co PJSC 8,835 AED 42,466 45,580 0.03First Gulf Bank PJSC 5,941 AED 20,629 20,380 0.02

63,095 65,960 0.05

United Kingdom Aberdeen Asset Management Plc 5,747 GBP 19,912 21,282 0.02Admiral Group Plc 878 GBP 21,744 23,370 0.02AstraZeneca Plc 5,016 GBP 287,734 293,348 0.24BAE Systems Plc 15,460 GBP 110,720 106,772 0.09BHP Billiton Plc 8,626 GBP 89,510 107,361 0.09British American Tobacco Plc 7,126 GBP 399,481 453,273 0.37BT Group Plc 33,132 GBP 230,315 180,119 0.15Centrica Plc 21,000 GBP 62,455 62,274 0.05Cobham Plc 11,056 GBP 34,302 23,219 0.02Direct Line Insurance Group Plc 5,571 GBP 31,982 25,660 0.02G4S Plc 8,760 GBP 25,832 21,210 0.02GlaxoSmithKline Plc 18,940 GBP 375,602 397,891 0.33HSBC Holdings Plc 76,265 GBP 492,685 468,508 0.37ICAP Plc 3,212 GBP 20,259 17,617 0.01Imperial Brands Plc 3,652 GBP 195,211 195,422 0.16Inmarsat Plc 2,180 GBP 30,218 23,463 0.02Investec Plc 2,981 GBP 20,498 18,141 0.01ITV Plc 16,363 GBP 57,241 38,784 0.03Kingfisher Plc 9,608 GBP 46,026 41,273 0.03Legal & General Group Plc 25,644 GBP 84,927 64,365 0.05

144




% net assets



Marks & Spencer Group Plc 6,765 GBP 40,827 28,160 0.02Meggitt Plc 4,178 GBP 24,536 22,820 0.02National Grid Plc 14,492 GBP 195,997 209,618 0.17Old Mutual Plc 21,519 GBP 52,930 56,180 0.05Pearson Plc 3,346 GBP 40,822 42,913 0.04Persimmon Plc 1,364 GBP 42,325 25,915 0.02Rexam Plc 1,214 GBP 10,387 10,521 0.01Rio Tinto Plc 4,995 GBP 135,810 151,446 0.12Rolls-Royce Holdings Plc 7,660 GBP 73,324 72,664 0.06Royal Dutch Shell Plc 'A' 15,776 GBP 363,820 425,008 0.35Royal Dutch Shell Plc 'B' 15,820 GBP 363,282 428,319 0.35Sky Plc 4,986 GBP 73,793 56,510 0.05Smiths Group Plc 2,194 GBP 30,904 33,371 0.03SSE Plc 4,152 GBP 81,176 84,519 0.07Unilever Plc 5,117 GBP 225,793 240,469 0.20William Hill Plc 4,017 GBP 23,089 13,834 0.01

4,415,469 4,485,619 3.67

United States of America AbbVie Inc 6,500 USD 366,320 399,230 0.33Agrium Inc Npv 700 USD 61,618 62,104 0.05Alliant Energy Corp 1,000 USD 33,985 39,820 0.03Altria Group Inc 7,900 USD 487,813 536,331 0.44Ameren Corp 1,000 USD 46,944 52,630 0.04American Electric Power Co Inc 2,000 USD 123,497 137,600 0.11Arthur J Gallagher & Co 1,000 USD 40,622 46,700 0.04AT&T Inc 24,100 USD 901,370 1,027,383 0.83Bank Of Montreal Npv 3,000 USD 169,821 190,080 0.16Bank Of Nova Scotia Npv 5,500 USD 237,286 268,235 0.22BCE Inc Npv 1,000 USD 43,663 46,910 0.04CA Inc 1,500 USD 45,119 48,360 0.04Campbell Soup Co 800 USD 48,903 51,136 0.04Canadian Imperial Bank of Commerce/Canada Npv 1,900 USD 129,562 142,215 0.12CenterPoint Energy Inc 1,800 USD 33,616 43,002 0.04Chevron Corp 7,600 USD 654,784 786,144 0.64Cincinnati Financial Corp 700 USD 44,862 51,408 0.04CMS Energy Corp 1,100 USD 43,397 49,467 0.04Coach Inc 1,100 USD 43,276 43,846 0.04Coca-Cola Co 16,400 USD 716,731 732,752 0.60ConocoPhillips 5,000 USD 172,352 216,700 0.18Consolidated Edison Inc 1,200 USD 83,761 94,776 0.08Cummins Inc 700 USD 70,203 76,727 0.06Darden Restaurants Inc 500 USD 32,135 31,575 0.03Dow Chemical Co 4,500 USD 225,383 222,075 0.18DTE Energy Co 900 USD 75,470 87,795 0.07Duke Energy Corp 2,700 USD 198,104 227,286 0.19Emerson Electric Co 2,900 USD 144,956 147,407 0.12Eversource Energy 1,400 USD 75,945 82,194 0.07Exxon Mobil Corp 16,600 USD 1,349,654 1,536,331 1.25Gap Inc 1,000 USD 28,168 20,730 0.02General Mills Inc 2,500 USD 148,470 173,625 0.14General Motors Co 5,700 USD 171,108 158,688 0.13Helmerich & Payne Inc 500 USD 27,388 32,705 0.03Intel Corp 19,200 USD 583,279 617,856 0.51International Business Machines Corp 3,700 USD 497,318 551,041 0.45International Paper Co 1,600 USD 58,642 65,648 0.05Johnson & Johnson 11,000 USD 1,179,775 1,310,980 1.06Kellogg Co 1,100 USD 81,611 86,427 0.07Kimberly-Clark Corp 1,500 USD 197,519 201,465 0.16KLA-Tencor Corp 600 USD 41,400 43,284 0.04Kohl's Corp 800 USD 37,219 29,952 0.02Las Vegas Sands Corp 1,700 USD 86,216 73,321 0.06Leggett & Platt Inc 1,000 USD 46,104 50,030 0.04

145




% net assets



Macy's Inc 1,200 USD 52,456 39,588 0.03Mattel Inc 1,300 USD 41,964 39,884 0.03Maxim Integrated Products Inc 1,200 USD 41,076 42,324 0.03McDonald's Corp 3,700 USD 439,877 443,667 0.36Merck & Co Inc 11,300 USD 584,950 643,987 0.53Microchip Technology Inc 900 USD 40,710 44,775 0.04Mosaic Co 1,300 USD 35,241 33,007 0.03Murphy Oil Corp 1,000 USD 17,225 31,270 0.03NextEra Energy Inc 1,800 USD 202,741 229,950 0.19Occidental Petroleum Corp 3,100 USD 218,461 232,562 0.19OGE Energy Corp 1,100 USD 27,816 35,266 0.03Packaging Corp of America 400 USD 20,198 26,376 0.02Paychex Inc 1,300 USD 68,414 75,101 0.06Pfizer Inc 24,300 USD 730,191 850,257 0.69PG&E Corp 2,000 USD 112,454 125,680 0.10Philip Morris International Inc 6,200 USD 567,718 614,730 0.50Pinnacle West Capital Corp 400 USD 27,176 31,740 0.03Potash Corp Of Saskatchewan Inc Npv 3,700 USD 64,029 58,349 0.05PPL Corp 2,800 USD 97,553 104,160 0.09Procter & Gamble CO 10,800 USD 877,547 906,012 0.73Public Service Enterprise Group Inc 2,100 USD 89,529 95,235 0.08QUALCOMM Inc 6,000 USD 312,754 315,900 0.26Reynolds American Inc 3,600 USD 181,819 190,656 0.16SCANA Corp 700 USD 45,017 51,905 0.04Shaw Communications Inc 'B' Npv 2,500 USD 44,388 47,950 0.04Southern Co 3,600 USD 171,015 188,208 0.15Spectra Energy Corp 2,800 USD 83,073 100,100 0.08Staples Inc 2,700 USD 26,090 22,910 0.02Suncor Energy Inc Npv 6,900 USD 172,966 188,163 0.15Sysco Corp 2,100 USD 93,625 105,546 0.09TELUS Corp Npv 1,400 USD 41,438 45,010 0.04TransCanada Corp Npv 3,300 USD 121,311 147,048 0.12Waste Management Inc 2,000 USD 114,134 130,400 0.11WEC Energy Group Inc 1,400 USD 78,914 89,894 0.07Western Union Co 2,400 USD 44,701 45,072 0.04Xcel Energy Inc 2,100 USD 82,891 92,253 0.08

15,856,831 17,358,906 14.19

Total Shares 34,587,500 36,820,255 30.11


SHARES

United Kingdom Rolls-Royce Holding Npv 543,860 GBP – 731 0.00

Total Shares – 731 0.00

Total Other Transferable Securities – 731 0.00




146




% net assets



SHARES

Cayman Islands Alibaba Group Holding Ltd ADR 23,665 USD 1,883,378 1,862,909 2.21NetEase Inc ADR 5,596 USD 357,725 1,057,532 1.26Tencent Holdings Ltd 139,153 HKD 2,087,144 3,158,287 3.74Vipshop Holdings Ltd ADR 38,419 USD 850,817 417,615 0.50

5,179,064 6,496,343 7.71

Finland Nokia OYJ 156,907 EUR 1,084,563 879,104 1.04

France Criteo SA ADR 15,393 USD 658,070 701,921 0.83

Germany Deutsche Telekom AG 48,173 EUR 833,127 810,234 0.97Siltronic AG 8,141 EUR 274,159 129,414 0.15

1,107,286 939,648 1.12

Israel Check Point Software Technologies Ltd 13,317 USD 1,090,582 1,037,527 1.23

Netherlands ASM International NV 11,938 EUR 489,600 460,632 0.55NXP Semiconductors NV 17,337 USD 1,270,609 1,346,044 1.60

1,760,209 1,806,676 2.15

Singapore Broadcom Ltd 15,275 USD 1,525,186 2,368,389 2.81

South Korea Samsung Electronics Co Ltd 2,896 KRW 2,984,987 3,582,758 4.25Samsung Electronics Co Ltd - Pref 510 KRW 419,112 523,792 0.62Wonik IPS Co Ltd 17,322 KRW 248,709 343,628 0.41

3,652,808 4,450,178 5.28

Taiwan Taiwan Semiconductor Manufacturing Co Ltd ADR 8,967 USD 206,280 232,425 0.28Taiwan Semiconductor Manufacturing Co Ltd 132,169 TWD 418,815 665,782 0.79

625,095 898,207 1.07

United Kingdom Computacenter Plc 32,517 GBP 174,659 312,394 0.37Just Eat Plc 105,995 GBP 671,742 595,174 0.71

846,401 907,568 1.08

United States of America Activision Blizzard Inc 38,061 USD 950,213 1,470,677 1.75Adobe Systems Inc 19,271 USD 1,677,611 1,822,651 2.16Alphabet Inc 'A' 6,630 USD 3,221,392 4,615,077 5.48Alphabet Inc 'C' 5,263 USD 1,873,763 3,605,892 4.28Amazon.com Inc 1,862 USD 763,030 1,328,109 1.58Apple Inc 60,883 USD 4,299,219 5,754,660 6.84Applied Materials Inc 49,656 USD 930,086 1,172,875 1.39Arista Networks Inc 9,056 USD 620,020 575,962 0.68Cavium Inc 18,012 USD 1,017,888 695,083 0.83CDW Corp/DE 16,317 USD 617,126 640,769 0.76Cisco Systems Inc 108,369 USD 2,817,432 3,057,631 3.63

(expressed in USD)

GLOBAL TECHNOLOGY FUND

147




% net assets


GLOBAL TECHNOLOGY FUND (continued)

Cognizant Technology Solutions Corp 'A' 30,960 USD 1,155,648 1,768,435 2.10Dolby Laboratories Inc 'A' 5,696 USD 269,675 268,225 0.32Electronic Arts Inc 18,683 USD 1,150,354 1,380,674 1.64EPAM Systems Inc 9,035 USD 597,176 588,630 0.70Facebook Inc 'A' 50,068 USD 3,251,981 5,720,268 6.80Fidelity National Information Services Inc 19,457 USD 1,163,432 1,414,524 1.68FleetCor Technologies Inc 6,139 USD 450,907 868,116 1.03HP Inc 95,404 USD 1,298,695 1,163,929 1.38Intel Corp 22,106 USD 584,693 711,371 0.84Lam Research Corp 8,936 USD 656,946 736,148 0.87MasterCard Inc 'A' 27,873 USD 1,365,564 2,562,086 3.04Micron Technology Inc 61,216 USD 1,096,429 816,621 0.97Microsoft Corp 91,342 USD 3,046,922 4,614,598 5.48Palo Alto Networks Inc 7,300 USD 1,024,996 910,383 1.08PayPal Holdings Inc 31,020 USD 1,028,066 1,106,794 1.31Priceline Group Inc 868 USD 1,031,136 1,088,481 1.29QUALCOMM Inc 38,228 USD 2,013,773 2,012,704 2.39Red Hat Inc 13,351 USD 821,881 973,021 1.16salesforce.com Inc 19,936 USD 1,141,518 1,578,931 1.88ServiceNow Inc 15,234 USD 1,126,891 998,893 1.19Universal Display Corp 7,781 USD 398,559 511,679 0.61Visa Inc 48,815 USD 1,941,873 3,737,276 4.44

45,404,895 60,271,173 71.58

Total Shares 62,934,159 80,756,734 95.90




148




% net assets



SHARES

Bermuda Cheung Kong Infrastructure Holdings Ltd 166,000 HKD 1,042,902 1,427,032 1.24

Cayman Islands Alibaba Group Holding Ltd ADR 78,200 USD 6,338,128 6,102,728 5.31Baidu Inc ADR 25,000 USD 4,747,543 4,063,750 3.53Cheung Kong Property Holdings Ltd 342,020 HKD 1,891,702 2,133,519 1.86CK Hutchison Holdings Ltd 272,520 HKD 2,868,791 2,969,694 2.58NetEase Inc ADR 12,100 USD 1,995,996 2,195,908 1.91Sands China Ltd 490,000 HKD 2,736,130 1,638,827 1.42Tencent Holdings Ltd 411,000 HKD 5,957,570 9,328,265 8.11

26,535,860 28,432,691 24.72

China China Construction Bank Corp 'H' 8,741,260 HKD 6,408,261 5,768,246 5.01China Merchants Bank Co Ltd 'H' 1,362,500 HKD 3,058,281 3,044,986 2.65China Pacific Insurance Group Co Ltd 'H' 538,000 HKD 2,140,408 1,809,766 1.57China Petroleum & Chemical Corp 'H' 3,370,400 HKD 2,735,571 2,432,591 2.12China Vanke Co Ltd 'H' 934,400 HKD 2,396,404 1,830,527 1.59Dongfeng Motor Group Co Ltd 'H' 1,250,000 HKD 1,568,090 1,301,730 1.13Industrial & Commercial Bank of China Ltd 'H' 8,934,765 HKD 5,245,639 4,940,150 4.30Ping An Insurance Group Co of China Ltd 'H' 613,000 HKD 4,072,589 2,698,055 2.35Travelsky Technology Ltd 'H' 169,500 HKD 100,932 325,503 0.28

27,726,175 24,151,554 21.00

Hong Kong AIA Group Ltd 764,000 HKD 3,364,509 4,563,970 3.96BOC Hong Kong Holdings Ltd 621,000 HKD 1,629,919 1,856,860 1.61China Mobile Ltd 588,500 HKD 6,845,550 6,723,956 5.84China Overseas Land & Investment Ltd 928,000 HKD 3,073,743 2,930,311 2.55CNOOC Ltd 2,130,000 HKD 3,315,971 2,640,915 2.30Guangdong Investment Ltd 1,724,000 HKD 1,896,437 2,617,473 2.28Hong Kong Exchanges and Clearing Ltd 73,692 HKD 1,428,333 1,781,775 1.55Link REIT/The (REIT) 311,500 HKD 1,649,901 2,119,784 1.84Power Assets Holdings Ltd 208,500 HKD 1,659,536 1,909,281 1.66Sun Hung Kai Properties Ltd 191,490 HKD 2,447,764 2,296,477 2.00Want Want China Holdings Ltd 3,585,000 HKD 3,948,529 2,541,274 2.21

31,260,192 31,982,076 27.80

Taiwan Advanced Semiconductor Engineering Inc 1,293,345 TWD 1,229,417 1,469,391 1.28Asustek Computer Inc 175,000 TWD 1,647,782 1,440,296 1.25Chunghwa Telecom Co Ltd 435,000 TWD 1,312,865 1,570,957 1.37CTBC Financial Holding Co Ltd 4,504,880 TWD 2,595,514 2,353,056 2.05Delta Electronics Inc 361,840 TWD 1,541,610 1,749,808 1.52Fubon Financial Holding Co Ltd 1,958,000 TWD 2,758,620 2,285,214 1.99HON HAI Precision Industry Co Ltd 1,335,924 TWD 3,223,173 3,416,527 2.97Nan Ya Plastics Corp 851,000 TWD 1,818,057 1,609,195 1.40St Shine Optical Co Ltd 56,000 TWD 897,713 1,255,092 1.09Taiwan Cement Corp 1,232,000 TWD 1,689,873 1,224,018 1.06Taiwan Semiconductor Manufacturing Co Ltd 1,765,165 TWD 4,767,482 8,891,762 7.73

23,482,106 27,265,316 23.71

Total Shares 110,047,235 113,258,669 98.47

(expressed in USD)

GREATER CHINA EQUITY FUND

149




% net assets


GREATER CHINA EQUITY FUND (continued)


SHARES

Bermuda Euro-Asia Agricultural Holdings Co Ltd 562,000 HKD 115,340 – –

Cayman Islands China High Precision Automation Group Ltd 2,322,000 HKD 1,343,892 – –






150




% net assets



SHARES

Bermuda Cheung Kong Infrastructure Holdings Ltd 2,280,000 HKD 16,367,212 19,600,194 2.91Huabao International Holdings Ltd 7,433,000 HKD 4,857,184 2,634,490 0.39Kerry Properties Ltd 5,289,000 HKD 14,451,071 13,006,236 1.94NWS Holdings Ltd 11,586,518 HKD 17,756,926 18,248,359 2.72Orient Overseas International Ltd 1,697,000 HKD 8,101,215 5,763,179 0.86

61,533,608 59,252,458 8.82

Cayman Islands Belle International Holdings Ltd 12,745,000 HKD 17,463,563 7,457,536 1.11Cheung Kong Property Holdings Ltd 5,279,013 HKD 28,486,143 32,930,459 4.90CK Hutchison Holdings Ltd 6,160,013 HKD 69,387,967 67,126,642 9.99Lifestyle International Holdings Ltd 3,034,500 HKD 6,038,162 5,084,288 0.76MGM China Holdings Ltd 10,765,600 HKD 22,101,263 13,958,408 2.08Sands China Ltd 7,889,200 HKD 37,753,438 26,385,784 3.93Xingda International Holdings Ltd 32,274,100 HKD 15,515,295 7,404,126 1.10

196,745,831 160,347,243 23.87

China China Construction Bank Corp 'H' 21,051,000 HKD 17,132,242 13,891,283 2.06China Vanke Co Ltd 'H' 2,607,300 HKD 6,573,452 5,107,805 0.76Industrial & Commercial Bank of China Ltd 'H' 24,867,000 HKD 16,959,659 13,749,293 2.05

40,665,353 32,748,381 4.87

Hong Kong AIA Group Ltd 11,500,600 HKD 55,586,924 68,702,084 10.23BOC Hong Kong Holdings Ltd 11,062,000 HKD 31,489,799 33,076,635 4.92China Mobile Ltd 1,198,500 HKD 15,398,970 13,693,563 2.04CLP Holdings Ltd 2,829,000 HKD 25,371,158 28,804,459 4.29Guangdong Investment Ltd 5,362,000 HKD 6,185,638 8,140,888 1.21Hang Seng Bank Ltd 2,112,600 HKD 36,859,794 36,022,745 5.36Hong Kong & China Gas Co Ltd 6,730,308 HKD 10,692,176 12,265,465 1.83Hong Kong Exchanges and Clearing Ltd 1,991,958 HKD 49,395,474 48,162,906 7.17Link REIT (Unit) (REIT) 3,839,368 HKD 16,956,864 26,127,228 3.89PCCW Ltd 12,263,000 HKD 8,041,633 8,218,636 1.22Power Assets Holdings Ltd 3,476,000 HKD 29,819,883 31,830,505 4.74Sino Land Co Ltd 11,642,946 HKD 17,968,403 18,997,492 2.83Sun Hung Kai Properties Ltd 3,641,725 HKD 50,553,614 43,674,023 6.50Swire Properties Ltd 5,829,400 HKD 17,278,202 15,439,576 2.30Wharf Holdings Ltd 4,033,975 HKD 24,310,988 24,410,039 3.63

395,909,520 417,566,244 62.16


Total Shares 701,951,524 672,790,473 100.15


Other Net Liabilities (985,433) (0.15)


(expressed in USD)

HONG KONG EQUITY FUND

151




% net assets



SHARES

India Adani Ports and Special Economic Zone Ltd 1,453,011 INR 5,435,351 4,452,999 2.82Aditya Birla Fashion and Retail Ltd 529,198 INR 1,401,506 1,118,846 0.71Bank of Baroda 1,774,007 INR 4,341,045 4,046,348 2.56Bharat Petroleum Corp Ltd 299,798 INR 3,512,988 4,762,253 3.02Bharti Airtel Ltd 1,234,650 INR 5,980,555 6,709,673 4.25Blue Dart Express Ltd 25,273 INR 1,270,775 2,232,294 1.41Cairn India Ltd 1,470,673 INR 4,978,155 3,062,493 1.94Cipla Ltd 593,653 INR 5,285,057 4,406,549 2.79Coal India Ltd 816,003 INR 4,192,925 3,784,115 2.40Container Corp Of India 37,012 INR 599,541 784,465 0.50Credit Analysis & Research Ltd 122,938 INR 2,130,425 1,811,056 1.15Dr Reddy's Laboratories Ltd 121,652 INR 4,337,452 6,095,124 3.86GAIL India Ltd 489,101 INR 2,753,539 2,790,979 1.77Godrej Consumer Products Ltd 130,773 INR 1,973,427 3,114,080 1.97HCL Technologies Ltd 414,724 INR 5,081,562 4,488,258 2.84Hindustan Zinc Ltd 1,260,396 INR 2,871,511 3,371,574 2.14Housing Development Finance Corp Ltd 542,184 INR 7,801,564 10,070,103 6.39ICICI Bank Ltd 354,171 INR 1,468,674 1,262,253 0.80Infosys Ltd 811,689 INR 10,712,022 14,079,933 8.93ITC Ltd 1,188,311 INR 5,722,237 6,486,015 4.11Kotak Mahindra Bank Ltd 301,960 INR 3,081,748 3,415,083 2.16Larsen & Toubro Ltd 403,238 INR 7,893,177 8,940,595 5.66LIC Housing Finance Ltd 708,268 INR 3,730,378 5,194,348 3.29Marico Ltd 1,416,107 INR 1,971,695 5,530,567 3.50Maruti Suzuki India Ltd 47,502 INR 2,665,627 2,946,889 1.87Max Financial Services Ltd 287,678 INR 1,540,392 2,270,692 1.44Max India Ltd 264,397 INR 362,426 171,694 0.11Max Ventures & Industries Ltd 52,879 INR 2 49,514 0.03Mindtree Ltd 298,024 INR 3,395,767 2,935,642 1.86Mphasis Ltd 285,430 INR 1,864,731 2,425,065 1.54Reliance Industries Ltd 387,765 INR 7,322,392 5,567,853 3.53Rural Electrification Corp Ltd 1,059,897 INR 5,207,348 2,723,743 1.73Speciality Restaurants Ltd 371,190 INR 1,012,203 542,527 0.34State Bank of India 126,933 INR 450,529 411,481 0.26Tata Consultancy Services Ltd 236,326 INR 7,796,085 8,939,383 5.66Tata Motors Ltd 642,835 INR 3,821,150 4,373,981 2.77Tata Motors Ltd 'A' 1,561,741 INR 5,060,771 6,750,688 4.28UltraTech Cement Ltd 84,478 INR 3,932,318 4,269,019 2.70

142,959,050 156,388,174 99.09

Total Shares 142,959,050 156,388,174 99.09




(expressed in USD)

INDIA EQUITY FUND

152




% net assets



SHARES

Indonesia Adaro Energy Tbk PT 39,841,700 IDR 4,430,350 2,563,137 1.31AKR Corporindo Tbk PT 1,947,800 IDR 984,530 943,494 0.48Alam Sutera Realty Tbk PT 31,147,800 IDR 1,788,355 1,131,576 0.58Astra International Tbk PT 27,889,700 IDR 16,761,206 15,620,342 7.98Bank Central Asia Tbk PT 15,467,100 IDR 14,076,644 15,598,797 7.97Bank Danamon Indonesia Tbk PT 8,578,151 IDR 2,905,709 2,298,328 1.17Bank Mandiri Persero Tbk PT 13,322,930 IDR 10,636,201 9,604,610 4.91Bank Negara Indonesia Persero Tbk PT 25,132,036 IDR 10,304,093 9,891,132 5.05Bank Rakyat Indonesia Persero Tbk PT 23,792,600 IDR 18,424,131 19,448,255 9.93Bank Tabungan Negara Persero Tbk PT 10,487,883 IDR 1,143,310 1,361,341 0.70Bumi Serpong Damai Tbk PT 38,945,948 IDR 4,945,152 6,219,561 3.18Charoen Pokphand Indonesia Tbk PT 14,876,100 IDR 3,163,081 4,222,166 2.16Ciputra Development Tbk PT 11,038,603 IDR 908,677 1,211,427 0.62Gajah Tunggal Tbk PT 15,790,400 IDR 3,388,814 1,165,233 0.60Global Mediacom Tbk PT 19,149,900 IDR 2,052,527 1,427,637 0.73Gudang Garam Tbk PT 1,304,800 IDR 6,262,991 6,814,092 3.48Hanjaya Mandala Sampoerna Tbk PT 16,599,500 IDR 3,527,888 4,774,123 2.44Indo Tambangraya Megah Tbk PT 2,844,700 IDR 3,837,606 2,018,472 1.03Indocement Tunggal Prakarsa Tbk PT 4,045,300 IDR 7,495,028 5,166,655 2.64Indofood CBP Sukses Makmur Tbk PT 1,701,900 IDR 1,290,478 2,218,749 1.13Indofood Sukses Makmur Tbk PT 10,913,600 IDR 5,915,853 5,988,541 3.06Indomobil Sukses Internasional Tbk PT 686,200 IDR 377,590 80,500 0.04Jasa Marga Persero Tbk PT 1,538,000 IDR 714,479 614,036 0.31Kalbe Farma Tbk PT 42,410,600 IDR 4,142,529 4,911,123 2.51Lippo Karawaci Tbk PT 49,558,075 IDR 3,990,636 4,294,720 2.19Matahari Department Store Tbk PT 5,303,900 IDR 6,439,210 8,028,609 4.10Media Nusantara Citra Tbk PT 13,921,100 IDR 2,530,785 2,317,988 1.18Perusahaan Gas Negara Persero Tbk 40,179,000 IDR 13,618,402 7,115,902 3.64Semen Indonesia Persero Tbk PT 11,285,700 IDR 11,157,203 7,986,474 4.08Summarecon Agung Tbk PT 36,423,600 IDR 3,624,730 4,989,723 2.55Surya Citra Media Tbk PT 9,597,900 IDR 2,007,220 2,397,205 1.22Telekomunikasi Indonesia Persero Tbk PT 55,714,100 IDR 11,166,349 16,782,752 8.57Tower Bersama Infrastructure Tbk PT 3,082,600 IDR 1,427,853 1,539,842 0.79Unilever Indonesia Tbk PT 1,726,300 IDR 3,832,000 5,889,345 3.01United Tractors Tbk PT 3,198,686 IDR 6,001,833 3,583,012 1.83Waskita Karya Persero Tbk PT 3,543,300 IDR 655,121 683,854 0.35XL Axiata Tbk PT 3,588,050 IDR 962,018 996,643 0.51

196,890,582 191,899,396 98.03

Total Shares 196,890,582 191,899,396 98.03

(expressed in USD)

INDONESIA EQUITY FUND

153




% net assets


INDONESIA EQUITY FUND (continued)


SHARES

Indonesia Berlian Laju Tanker Tbk PT 35,965,332 IDR 1,430,928 – –






154




% net assets



SHARES

Japan Advantest Corp 5,922,700 JPY 6,696,862,622 6,722,264,500 3.83Asahi Glass Co Ltd 11,794,000 JPY 8,242,203,353 6,510,288,000 3.71Credit Saison Co Ltd 3,002,000 JPY 6,810,109,108 5,142,426,000 2.93Daiichi Sankyo Co Ltd 1,244,500 JPY 2,712,105,636 3,078,270,750 1.75Fuji Media Holdings Inc 2,017,200 JPY 3,125,667,575 2,317,762,800 1.32Hitachi Ltd 17,837,000 JPY 8,937,738,556 7,561,104,300 4.31Honda Motor Co Ltd 4,014,500 JPY 15,108,852,869 10,327,301,250 5.89JSR Corp 4,897,800 JPY 9,307,688,800 6,592,438,800 3.76Kaneka Corp 4,137,100 JPY 3,248,002,559 2,804,953,800 1.60Komeri Co Ltd 906,800 JPY 2,309,544,994 2,412,994,800 1.38Kurita Water Industries Ltd 878,600 JPY 2,304,214,822 2,001,450,800 1.14LIXIL Group Corp 2,893,400 JPY 6,801,712,289 4,875,379,000 2.78Mitsubishi UFJ Financial Group Inc 19,766,900 JPY 14,022,823,351 9,011,729,710 5.14Mitsui OSK Lines Ltd 21,616,000 JPY 7,546,007,882 4,669,056,000 2.66NEC Corp 25,693,700 JPY 8,578,814,413 6,089,406,900 3.47Nikon Corp 3,074,700 JPY 4,811,067,055 4,261,534,200 2.43Nippon Steel & Sumitomo Metal Corp 2,557,900 JPY 6,011,371,685 5,008,368,200 2.85Nomura Holdings Inc 11,819,900 JPY 8,005,535,789 4,316,627,480 2.46Nomura Real Estate Holdings Inc 2,212,200 JPY 4,947,931,610 3,935,503,800 2.24Onward Holdings Co Ltd 3,312,600 JPY 2,581,325,086 2,113,438,800 1.20ORIX Corp 1,681,700 JPY 2,802,371,344 2,199,663,600 1.25Osaka Gas Co Ltd 7,120,000 JPY 3,065,642,959 2,793,888,000 1.59Ricoh Co Ltd 10,380,600 JPY 12,755,570,315 9,176,450,400 5.23Rohm Co Ltd 1,077,000 JPY 6,179,399,743 4,313,385,000 2.46Shimamura Co Ltd 157,800 JPY 1,949,220,001 2,395,404,000 1.37Showa Denko KK 1,474,900 JPY 2,198,622,546 1,417,378,900 0.81Sumitomo Corp 8,419,200 JPY 10,780,772,598 8,625,470,400 4.92Sumitomo Electric Industries Ltd 4,528,000 JPY 7,475,394,059 6,069,784,000 3.46Sumitomo Heavy Industries Ltd 13,494,000 JPY 7,859,630,518 5,991,336,000 3.41Sumitomo Mitsui Financial Group Inc 2,596,100 JPY 11,798,204,398 7,596,188,600 4.33Sumitomo Mitsui Trust Holdings Inc 17,468,072 JPY 8,102,009,281 5,760,970,146 3.28T&D Holdings Inc 5,995,600 JPY 9,260,405,477 5,149,620,840 2.93Toshiba Corp 37,681,000 JPY 11,718,821,913 10,415,028,400 5.94Xebio Holdings Co Ltd 1,204,500 JPY 2,608,893,766 1,735,684,500 0.99Yamaha Motor Co Ltd 1,548,700 JPY 3,213,075,843 2,386,546,700 1.36

233,877,614,815 175,779,099,376 100.18

Total Shares 233,877,614,815 175,779,099,376 100.18


Other Net Liabilities (315,009,186) (0.18)

Total Net Assets 175,464,090,190 100.00

(expressed in JPY)

JAPAN DYNAMIC FUND

155




% net assets



SHARES

Japan Aeon Co Ltd 82,100 JPY 120,573,076 130,210,600 0.61ANA Holdings Inc 171,000 JPY 45,244,746 49,795,200 0.23Asahi Glass Co Ltd 942,000 JPY 625,565,142 519,984,000 2.44Asahi Kasei Corp 117,000 JPY 97,766,093 82,836,000 0.39Bridgestone Corp 51,000 JPY 192,857,596 166,719,000 0.78Canon Inc 119,600 JPY 405,862,733 348,335,000 1.64Chubu Electric Power Co Inc 68,300 JPY 98,443,692 98,932,550 0.46Credit Saison Co Ltd 194,400 JPY 401,590,623 333,007,200 1.57Dai Nippon Printing Co Ltd 60,800 JPY 65,807,949 69,008,000 0.32Daiichi Sankyo Co Ltd 175,100 JPY 353,487,571 433,109,850 2.04Denso Corp 15,200 JPY 56,652,375 54,370,400 0.25East Japan Railway Co 68,900 JPY 622,781,593 649,933,700 3.05Fast Retailing Co Ltd 2,500 JPY 71,762,524 68,250,000 0.32Fujitsu Ltd 190,000 JPY 78,697,290 71,060,000 0.33Hitachi Ltd 1,206,800 JPY 682,189,283 511,562,520 2.39Honda Motor Co Ltd 324,800 JPY 1,200,322,738 835,548,000 3.91Hoya Corp 40,500 JPY 134,512,214 147,177,000 0.69Inpex Corp 119,500 JPY 145,163,730 94,811,300 0.44Isuzu Motors Ltd Npv 66,500 JPY 99,767,701 83,025,250 0.39ITOCHU Corp 71,400 JPY 91,037,207 88,500,300 0.41JFE Holdings Inc 53,400 JPY 111,764,786 70,221,000 0.33JGC Corp 30,000 JPY 44,155,078 43,590,000 0.20JSR Corp 303,400 JPY 564,178,274 408,376,400 1.91JX Holdings Inc 249,000 JPY 118,312,137 99,276,300 0.46Kansai Electric Power Co Inc 88,600 JPY 105,013,883 87,838,040 0.41Kao Corp 22,700 JPY 96,577,596 134,588,300 0.63Kirin Holdings Co Ltd 85,800 JPY 142,595,477 147,833,400 0.69Komatsu Ltd Npv 53,500 JPY 111,558,752 94,668,250 0.44Kyocera Corp 33,700 JPY 182,921,537 163,175,400 0.76LIXIL Group Corp 189,900 JPY 455,379,913 319,981,500 1.50Marubeni Corp 154,400 JPY 73,239,301 70,946,800 0.33Mitsubishi Chemical Holdings Corp 141,900 JPY 73,594,313 65,940,930 0.31Mitsubishi Corp 160,400 JPY 330,872,278 286,795,200 1.34Mitsubishi Electric Corp 170,000 JPY 197,251,946 205,360,000 0.96Mitsubishi Estate Co Ltd 109,300 JPY 283,103,832 204,718,900 0.96Mitsubishi Heavy Industries Ltd 306,000 JPY 157,386,295 124,664,400 0.58Mitsubishi UFJ Financial Group Inc 2,152,000 JPY 1,398,924,866 981,096,800 4.59Mitsui & Co Ltd 151,300 JPY 222,942,394 183,602,550 0.86Mitsui OSK Lines Ltd 1,159,900 JPY 403,461,117 250,538,400 1.17Mizuho Financial Group Inc 850,800 JPY 179,356,219 126,173,640 0.59MS&AD Insurance Group Holdings Inc 35,100 JPY 103,483,841 92,014,650 0.43Murata Manufacturing Co Ltd 7,800 JPY 85,308,637 88,764,000 0.42NEC Corp 1,911,400 JPY 628,665,410 453,001,800 2.12Nidec Corp 12,900 JPY 78,223,632 99,613,800 0.47Nikon Corp 219,600 JPY 343,352,815 304,365,600 1.42Nintendo Co Ltd 5,200 JPY 79,631,448 75,842,000 0.35Nippon Steel & Sumitomo Metal Corp 231,640 JPY 556,878,482 453,551,120 2.12Nippon Telegraph & Telephone Corp 165,000 JPY 561,367,477 792,000,000 3.71Nissan Motor Co Ltd 298,000 JPY 312,479,745 273,534,200 1.28Nomura Holdings Inc 760,900 JPY 532,619,366 277,880,680 1.30Nomura Real Estate Holdings Inc 138,700 JPY 301,954,392 246,747,300 1.15NTT DOCOMO Inc 124,400 JPY 246,026,353 344,152,600 1.61Oji Holdings Corp 277,000 JPY 136,441,689 108,584,000 0.51Onward Holdings Co Ltd 100,400 JPY 79,914,693 64,055,200 0.30ORIX Corp 220,900 JPY 344,278,955 288,937,200 1.35Osaka Gas Co Ltd 397,000 JPY 178,717,857 155,782,800 0.73Panasonic Corp 215,200 JPY 240,238,554 189,591,200 0.89Rakuten Inc 42,600 JPY 46,476,817 46,966,500 0.22

(expressed in JPY)

JAPAN EQUITY FUND

156




% net assets

Statement of Investments as at June 30, 2016(expressed in JPY)

JAPAN EQUITY FUND (continued)

Ricoh Co Ltd 551,100 JPY 630,381,373 487,172,400 2.28Rohm Co Ltd 114,900 JPY 639,853,168 460,174,500 2.15Secom Co Ltd 13,400 JPY 90,590,252 101,210,200 0.47Seven & i Holdings Co Ltd 59,500 JPY 254,109,276 254,719,500 1.19Shimamura Co Ltd 3,200 JPY 33,467,999 48,576,000 0.23Shin-Etsu Chemical Co Ltd 39,000 JPY 250,428,618 232,518,000 1.09SMC Corp/Japan 4,900 JPY 129,331,461 122,034,500 0.57SoftBank Group Corp 37,800 JPY 230,634,591 218,824,200 1.02Sony Corp 94,900 JPY 216,376,557 283,561,200 1.33Sumitomo Chemical Co Ltd 147,000 JPY 67,869,028 61,446,000 0.29Sumitomo Corp 547,000 JPY 710,438,877 560,401,500 2.62Sumitomo Electric Industries Ltd 438,100 JPY 683,933,095 587,273,050 2.75Sumitomo Heavy Industries Ltd 798,000 JPY 422,743,165 354,312,000 1.66Sumitomo Mitsui Financial Group Inc 250,700 JPY 1,135,253,350 733,548,200 3.43Sumitomo Mitsui Trust Holdings Inc 1,333,408 JPY 616,301,973 439,757,958 2.06T&D Holdings Inc 397,600 JPY 570,082,122 341,498,640 1.60Takeda Pharmaceutical Co Ltd 136,700 JPY 699,171,216 604,760,800 2.83Tokio Marine Holdings Inc 41,600 JPY 149,057,380 140,067,200 0.66Tokyo Gas Co Ltd 255,300 JPY 147,221,014 107,328,120 0.50Toshiba Corp 1,384,000 JPY 485,884,791 382,537,600 1.79Toyota Motor Corp 264,100 JPY 1,711,863,348 1,334,233,200 6.26

25,573,728,687 21,116,901,498 98.84

Total Shares 25,573,728,687 21,116,901,498 98.84



Total Net Assets 21,364,751,934 100.00

157




% net assets



SHARES

Japan Advantest Corp 727,700 JPY 860,562,105 825,939,500 2.15Aeon Co Ltd 73,300 JPY 115,525,091 116,253,800 0.30Asahi Glass Co Ltd 2,024,000 JPY 1,336,392,818 1,117,248,000 2.91Canon Inc 131,000 JPY 488,296,202 381,537,500 0.99Chubu Electric Power Co Inc 99,300 JPY 150,845,816 143,836,050 0.37Credit Saison Co Ltd 491,200 JPY 1,049,397,418 841,425,600 2.19Daiichi Sankyo Co Ltd 374,800 JPY 790,107,420 927,067,800 2.41East Japan Railway Co 116,500 JPY 1,103,778,684 1,098,944,500 2.86Fuji Media Holdings Inc 351,500 JPY 536,093,010 403,873,500 1.05Hitachi Ltd 2,869,000 JPY 1,459,241,536 1,216,169,100 3.16Honda Motor Co Ltd 802,900 JPY 2,853,855,478 2,065,460,250 5.38JSR Corp 694,000 JPY 1,266,634,956 934,124,000 2.43Kaneka Corp 327,000 JPY 236,357,692 221,706,000 0.58Kansai Electric Power Co Inc 104,800 JPY 121,245,843 103,898,720 0.27KDDI Corp 161,700 JPY 416,738,993 503,372,100 1.31Komeri Co Ltd 174,200 JPY 444,954,603 463,546,200 1.21Kurita Water Industries Ltd 215,800 JPY 550,053,725 491,592,400 1.28LIXIL Group Corp 496,000 JPY 1,104,164,769 835,760,000 2.17Mitsubishi Corp 203,200 JPY 424,955,275 363,321,600 0.95Mitsubishi Heavy Industries Ltd 522,000 JPY 225,014,089 212,662,800 0.55Mitsubishi UFJ Financial Group Inc 4,263,800 JPY 2,798,723,895 1,943,866,420 5.07Mitsui OSK Lines Ltd 3,975,000 JPY 1,337,911,096 858,600,000 2.23NEC Corp 3,808,000 JPY 1,232,018,985 902,496,000 2.35Nikon Corp 706,900 JPY 1,110,855,528 979,763,400 2.55Nippon Steel & Sumitomo Metal Corp 391,200 JPY 875,184,238 765,969,600 1.99Nippon Telegraph & Telephone Corp 121,700 JPY 455,450,900 584,160,000 1.52Nissan Motor Co Ltd 333,800 JPY 358,472,826 306,395,020 0.80Nomura Holdings Inc 1,662,600 JPY 994,128,768 607,181,520 1.58Nomura Real Estate Holdings Inc 382,200 JPY 828,653,605 679,933,800 1.77NTT DOCOMO Inc 107,200 JPY 231,090,661 296,568,800 0.77Oji Holdings Corp 523,000 JPY 241,129,196 205,016,000 0.53Onward Holdings Co Ltd 442,000 JPY 327,414,653 281,996,000 0.73ORIX Corp 514,400 JPY 849,598,906 672,835,200 1.75Osaka Gas Co Ltd 867,000 JPY 396,016,243 340,210,800 0.89Rengo Co Ltd 519,000 JPY 263,085,355 343,578,000 0.89Ricoh Co Ltd 1,616,500 JPY 1,897,026,671 1,428,986,000 3.72Rohm Co Ltd 162,600 JPY 896,433,309 651,213,000 1.69Seven & i Holdings Co Ltd 103,600 JPY 485,622,967 443,511,600 1.15Shimamura Co Ltd 29,200 JPY 350,681,654 443,256,000 1.15Shin-Etsu Chemical Co Ltd 55,700 JPY 360,387,038 332,083,400 0.86Showa Denko KK 87,000 JPY 129,270,536 83,607,000 0.22SoftBank Group Corp 22,500 JPY 121,302,033 130,252,500 0.34Sony Corp 147,900 JPY 374,024,037 441,925,200 1.15Sumitomo Corp 1,122,000 JPY 1,403,413,420 1,149,489,000 2.99Sumitomo Electric Industries Ltd 751,400 JPY 1,165,609,290 1,007,251,700 2.62Sumitomo Heavy Industries Ltd 1,995,000 JPY 1,149,746,817 885,780,000 2.30Sumitomo Mitsui Financial Group Inc 482,100 JPY 2,045,681,806 1,410,624,600 3.67Sumitomo Mitsui Trust Holdings Inc 2,750,000 JPY 1,237,686,749 906,950,000 2.36T&D Holdings Inc 1,244,800 JPY 1,727,739,695 1,069,158,720 2.78Takeda Pharmaceutical Co Ltd 187,200 JPY 999,112,002 828,172,800 2.15Tobu Railway Co Ltd 735,000 JPY 417,071,881 412,335,000 1.07Tokyo Gas Co Ltd 328,000 JPY 192,822,133 137,891,200 0.36

(expressed in JPY)

JAPAN FUNDAMENTAL VALUE FUND

158




% net assets

Statement of Investments as at June 30, 2016(expressed in JPY)

JAPAN FUNDAMENTAL VALUE FUND (continued)

Toshiba Corp 5,265,000 JPY 1,601,761,237 1,455,246,000 3.79Toyota Motor Corp 236,000 JPY 1,529,672,799 1,192,272,000 3.10Yamaha Motor Co Ltd 323,200 JPY 632,713,158 498,051,200 1.30

46,551,729,610 37,944,366,900 98.71

Total Shares 46,551,729,610 37,944,366,900 98.71



Total Net Assets 38,438,707,565 100.00

159




% net assets



SHARES

Japan Advantest Corp 496,800 JPY 544,202,586 563,868,000 3.19Ahresty Corp 393,500 JPY 305,494,787 273,482,500 1.55Awa Bank Ltd 854,000 JPY 537,207,769 455,182,000 2.57CAC Holdings Corp 289,700 JPY 270,092,739 227,414,500 1.29Chugoku Marine Paints Ltd 345,000 JPY 257,106,301 215,970,000 1.22Cocokara fine Inc 14,700 JPY 53,913,580 77,616,000 0.44Credit Saison Co Ltd 300,900 JPY 651,214,696 515,441,700 2.92Daiichi Jitsugyo Co Ltd 743,000 JPY 362,885,683 327,663,000 1.85Daikoku Denki Co Ltd 309,400 JPY 500,071,636 444,298,400 2.51Denki Kogyo Co Ltd 647,000 JPY 360,260,539 287,915,000 1.63Fujibo Holdings Inc 1,518,000 JPY 331,139,484 373,428,000 2.11Hamakyorex Co Ltd 105,600 JPY 191,110,822 199,161,600 1.13Hosokawa Micron Corp 910,000 JPY 527,275,793 479,570,000 2.71IBJ Leasing Co Ltd 358,300 JPY 900,510,344 630,966,300 3.57JSR Corp 419,400 JPY 775,343,528 564,512,400 3.19Kaneka Corp 25,000 JPY 17,242,767 16,950,000 0.10Komeri Co Ltd 196,800 JPY 508,640,009 523,684,800 2.96Kurita Water Industries Ltd 92,500 JPY 226,277,500 210,715,000 1.19Leopalace21 Corp 766,600 JPY 473,068,122 548,119,000 3.10Mars Engineering Corp 84,100 JPY 169,426,562 177,871,500 1.01Mitsui OSK Lines Ltd 1,491,000 JPY 515,481,430 322,056,000 1.82Musashi Seimitsu Industry Co Ltd 230,300 JPY 509,847,417 458,527,300 2.59Nikon Corp 263,200 JPY 399,355,345 364,795,200 2.06Nissin Kogyo Co Ltd 341,600 JPY 624,612,852 446,129,600 2.52Nittoku Engineering Co Ltd 352,000 JPY 377,886,211 466,048,000 2.64Nomura Real Estate Holdings Inc 201,800 JPY 449,592,832 359,002,200 2.03Oki Electric Industry Co Ltd 2,996,000 JPY 437,505,402 407,456,000 2.30Onward Holdings Co Ltd 404,000 JPY 304,218,463 257,752,000 1.46Pal Co Ltd 90,700 JPY 255,030,153 218,133,500 1.23Relia Inc 458,200 JPY 511,063,049 488,441,200 2.76Rengo Co Ltd 480,000 JPY 245,275,318 317,760,000 1.80Riken Corp 1,331,000 JPY 562,554,394 417,934,000 2.36Rohm Co Ltd 118,600 JPY 695,611,828 474,993,000 2.69Sankyo Tateyama Inc 582,800 JPY 1,081,639,067 839,814,800 4.75Sanyo Housing Nagoya Co Ltd 358,400 JPY 389,376,077 334,745,600 1.89Shimamura Co Ltd 16,800 JPY 192,618,215 255,024,000 1.44Shindengen Electric Manufacturing Co Ltd 852,000 JPY 344,464,619 274,344,000 1.55Sumitomo Heavy Industries Ltd 1,238,000 JPY 656,349,890 549,672,000 3.11Sumitomo Real Estate Sales Co Ltd 260,500 JPY 734,870,428 521,521,000 2.95Sumitomo Riko Co Ltd 609,000 JPY 608,164,629 496,335,000 2.81Tobu Railway Co Ltd 280,000 JPY 151,148,185 157,080,000 0.89Tocalo Co Ltd Npv 109,700 JPY 211,235,234 181,224,400 1.03Tokyo TY Financial Group Inc 201,266 JPY 637,355,522 475,591,558 2.70Toshiba TEC Corp 1,533,000 JPY 619,152,798 554,946,000 3.15Xebio Holdings Co Ltd 256,300 JPY 503,602,550 369,328,300 2.09Yamaha Motor Co Ltd 275,300 JPY 515,056,131 424,237,300 2.40

20,495,553,286 17,546,721,658 99.26

Total Shares 20,495,553,286 17,546,721,658 99.26



Total Net Assets 17,677,876,334 100.00

(expressed in JPY)

JAPAN SMALLER COMPANIES FUND

160




% net assets



SHARES

Bermuda Cosan Ltd 'A' 745,000 USD 7,012,290 4,734,475 1.87Credicorp Ltd 63,000 USD 6,137,418 9,735,390 3.85

13,149,708 14,469,865 5.72

Brazil AES Tiete Energia SA 1,030,800 BRL 3,960,843 4,622,881 1.83Ambev SA 1,985,300 BRL 10,152,645 11,667,394 4.60Banco Bradesco SA - Pref 1,286,711 BRL 10,397,097 9,954,247 3.94BB Seguridade Participacoes SA 1,071,200 BRL 9,143,732 9,317,884 3.68Bradespar SA - Pref 1,348,400 BRL 3,602,223 3,628,343 1.43BRF SA 230,500 BRL 2,996,887 3,170,121 1.25Cia Brasileira de Distribuicao - Pref 114,900 BRL 2,864,720 1,632,850 0.65Cia Paranaense de Energia - Pref 591,300 BRL 4,348,430 5,323,923 2.11Embraer SA 322,600 BRL 1,736,587 1,743,170 0.69Estacio Participacoes SA 767,000 BRL 2,564,577 3,993,994 1.58Itau Unibanco Holding SA - Pref 1,649,319 BRL 20,271,607 15,214,774 6.01Itausa - Investimentos Itau SA - Pref 2,898,672 BRL 8,490,149 6,653,381 2.63JBS SA 2,261,100 BRL 7,145,907 7,006,783 2.77Kroton Educacional SA 1,204,200 BRL 3,905,081 5,096,757 2.02Localiza Rent a Car SA 460,400 BRL 2,820,095 4,974,111 1.97Petroleo Brasileiro SA - Pref 2,063,300 BRL 11,539,068 5,963,293 2.36QGEP Participacoes SA 3,165,000 BRL 5,463,844 4,366,699 1.73Qualicorp SA 1,096,400 BRL 4,720,176 6,241,961 2.47Telefonica Brasil SA - Pref 674,649 BRL 12,276,724 9,089,505 3.59Vale SA - Pref 1,193,700 BRL 20,203,515 4,799,514 1.90Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 363,700 BRL 3,242,088 3,102,495 1.23

151,845,995 127,564,080 50.44

Chile Banco de Chile 44,806,118 CLP 5,354,632 4,751,640 1.87Banco Santander Chile 97,977,456 CLP 4,468,099 4,672,354 1.85Cencosud SA 1,497,414 CLP 3,604,028 4,270,059 1.69Enersis Americas SA 19,728,881 CLP 3,736,920 3,358,583 1.33Enersis Chile SA 19,728,881 CLP 2,717,764 2,290,877 0.91Forus SA 1,191,417 CLP 4,183,993 3,597,111 1.42

24,065,436 22,940,624 9.07

Colombia Banco Davivienda SA - Pref 407,268 COP 4,193,673 3,722,022 1.47

Mexico America Movil SAB de CV 18,026,400 MXN 17,292,711 10,993,770 4.35Cemex SAB de CV 6,808,624 MXN 6,146,604 4,053,163 1.60Fomento Economico Mexicano SAB de CV 893,100 MXN 7,534,569 8,182,181 3.24Gentera SAB de CV 2,415,800 MXN 4,675,381 4,320,885 1.71Grupo Financiero Banorte SAB de CV 2,260,800 MXN 14,266,290 12,201,728 4.82Grupo Mexico SAB de CV 'B' 4,097,490 MXN 11,292,543 9,188,574 3.63Grupo Televisa SAB 574,300 MXN 2,841,992 2,953,867 1.17Industrias Bachoco SAB de CV 455,000 MXN 1,756,001 1,841,018 0.73Macquarie Mexico Real Estate Management SA de CV (REIT) 4,316,500 MXN 6,679,693 5,537,581 2.19Mexichem SAB de CV 1,316,122 MXN 5,077,672 2,709,879 1.07OHL Mexico SAB de CV 4,391,700 MXN 5,780,195 5,304,592 2.10

83,343,651 67,287,238 26.61

(expressed in USD)

LATIN AMERICAN EQUITY FUND

161




% net assets


LATIN AMERICAN EQUITY FUND (continued)

Spain Cemex Latam Holdings SA 536,972 COP 3,700,030 2,310,653 0.91

Total Shares 280,298,493 238,294,482 94.22




162




% net assets



SHARES

Malaysia Alliance Financial Group Bhd 134,700 MYR 140,849 134,651 1.71AMMB Holdings Bhd 90,100 MYR 128,517 99,230 1.26APM Automotive Holdings Bhd 41,400 MYR 60,197 37,791 0.48Astro Malaysia Holdings Bhd 86,400 MYR 76,447 62,794 0.80Axiata Group Bhd 184,258 MYR 257,971 257,318 3.28British American Tobacco Malaysia Bhd 13,200 MYR 191,981 172,552 2.20Bumi Armada Bhd 158,200 MYR 38,200 28,450 0.36CIMB Group Holdings Bhd 281,504 MYR 508,463 305,142 3.88Deleum Bhd 129,100 MYR 41,106 35,225 0.45Dialog Group Bhd 228,900 MYR 97,251 87,438 1.11DiGi.Com Bhd 163,000 MYR 179,339 193,264 2.46Gamuda Bhd 104,600 MYR 119,892 126,097 1.61Genting Bhd 167,900 MYR 387,425 341,507 4.35Genting Malaysia Bhd 363,500 MYR 379,892 401,236 5.11HAP Seng Consolidated Bhd 20,100 MYR 37,861 38,490 0.49Hong Leong Bank Bhd 31,700 MYR 120,332 103,636 1.32Hong Leong Financial Group Bhd 37,381 MYR 140,609 136,117 1.73Ihh Healthcare Bhd 178,200 MYR 272,373 291,734 3.71IJM Corp Bhd 233,500 MYR 186,176 202,138 2.57IJM Plantations Bhd 137,100 MYR 127,298 115,625 1.47IOI Corp Bhd 138,084 MYR 168,343 148,651 1.89Kuala Lumpur Kepong Bhd 23,400 MYR 137,807 135,008 1.72Malakoff Corp Bhd 128,400 MYR 59,127 50,959 0.65Malayan Banking Bhd 259,204 MYR 636,205 523,361 6.66Malaysia Airports Holdings Bhd 53,200 MYR 75,758 80,760 1.03Maxis Bhd 66,300 MYR 108,978 96,864 1.23Media Prima Bhd 169,800 MYR 90,706 58,124 0.74MISC Bhd 69,900 MYR 147,798 129,346 1.65Petronas Chemicals Group Bhd 166,600 MYR 309,980 273,157 3.48Petronas Dagangan Bhd 6,700 MYR 40,834 38,889 0.50Petronas Gas Bhd 39,900 MYR 216,832 217,736 2.77PPB Group Bhd 25,900 MYR 103,454 106,003 1.35Public Bank Bhd 162,590 MYR 766,452 782,403 9.96RHB Bank Bhd 90,292 MYR 127,917 114,671 1.46SapuraKencana Petroleum Bhd 235,200 MYR 162,995 85,761 1.09Sime Darby Bhd 168,768 MYR 439,556 317,737 4.05SP Setia Bhd Group 194,628 MYR 184,891 140,003 1.78Telekom Malaysia Bhd 80,291 MYR 133,867 134,831 1.72Tenaga Nasional Bhd 221,900 MYR 588,368 776,089 9.88UMW Holdings Bhd 15,900 MYR 22,433 22,599 0.29YTL Corp Bhd 337,633 MYR 166,740 139,861 1.78

8,181,220 7,543,248 96.03

Total Shares 8,181,220 7,543,248 96.03




(expressed in USD)

MALAYSIA EQUITY FUND

163




% net assets


NORTH AMERICAN VALUE FUND

(expressed in USD)


SHARES

Ireland Medtronic Plc 214,100 USD 12,337,243 18,382,626 1.03

Liberia Royal Caribbean Cruises Ltd 500,700 USD 31,182,564 33,551,907 1.87

United States of America AbbVie Inc 760,900 USD 47,644,010 46,734,478 2.61Allegheny Technologies Inc 970,700 USD 25,226,135 11,832,833 0.66Allstate Corp/The 670,400 USD 38,406,534 46,244,192 2.58Altria Group Inc 281,200 USD 11,508,224 19,090,668 1.06Apache Corp 720,800 USD 44,331,104 39,968,360 2.23Apple Inc 278,000 USD 25,010,949 26,276,560 1.47Applied Materials Inc 1,108,200 USD 19,898,048 26,175,684 1.46Archer-Daniels-Midland Co 968,700 USD 39,387,966 40,496,504 2.26Ashland Inc 159,400 USD 16,035,024 17,929,312 1.00AT&T Inc 1,149,700 USD 39,410,718 49,011,710 2.72Avnet Inc 508,500 USD 20,120,088 20,273,895 1.13Bank of America Corp 2,680,900 USD 39,646,366 35,336,943 1.97Best Buy Co Inc 911,000 USD 29,246,926 27,585,080 1.54Caterpillar Inc 623,700 USD 50,524,599 46,303,488 2.58Chevron Corp 446,700 USD 45,853,415 46,206,648 2.58Cigna Corp 349,000 USD 36,522,978 44,553,340 2.49Cisco Systems Inc 1,567,800 USD 39,502,876 44,235,477 2.47Comcast Corp 'A' 654,900 USD 30,788,801 42,096,972 2.35Delta Air Lines Inc 812,600 USD 34,490,849 29,294,230 1.63Diamond Offshore Drilling Inc 1,294,000 USD 40,784,565 30,952,480 1.73Edison International 432,000 USD 23,576,257 32,840,640 1.83General Motors Co 1,542,500 USD 52,342,056 42,943,200 2.40Gilead Sciences Inc 558,000 USD 50,989,842 45,661,140 2.55Goldman Sachs Group Inc/The 307,700 USD 49,539,176 44,973,432 2.51Halliburton Co 1,069,100 USD 46,800,847 47,703,242 2.65Hartford Financial Services Group Inc/The 1,029,800 USD 36,840,421 44,312,294 2.47HP Inc 2,055,500 USD 26,350,270 25,077,100 1.40Intel Corp 1,019,100 USD 27,810,911 32,794,638 1.83International Business Machines Corp 282,400 USD 46,601,224 42,057,832 2.35JPMorgan Chase & Co 735,000 USD 39,994,676 45,084,900 2.51Lincoln National Corp 1,071,900 USD 45,621,528 40,485,663 2.26Macy's Inc 1,293,700 USD 55,247,439 42,679,163 2.38Merck & Co Inc 605,100 USD 30,593,529 34,484,649 1.92Microsoft Corp 705,000 USD 31,900,214 35,616,600 1.99Morgan Stanley 1,770,400 USD 49,237,916 44,649,488 2.49National Oilwell Varco Inc 994,300 USD 49,254,181 32,513,610 1.81Newell Brands Inc 399,100 USD 11,147,431 18,997,160 1.06Nucor Corp 630,300 USD 29,199,576 30,550,641 1.70Occidental Petroleum Corp 591,000 USD 46,927,549 44,336,820 2.47Patterson-UTI Energy Inc 871,000 USD 16,512,577 18,020,990 1.01Pfizer Inc 1,299,300 USD 38,472,929 45,462,507 2.54PNC Financial Services Group Inc/The 475,200 USD 37,016,902 38,391,408 2.14Spirit AeroSystems Holdings Inc 'A' 822,300 USD 33,618,546 34,955,973 1.95Terex Corp 608,500 USD 18,381,616 11,932,685 0.67Travelers Cos Inc/The 369,300 USD 33,050,117 43,370,592 2.42

164




% net assets


NORTH AMERICAN VALUE FUND (continued)

US Bancorp 750,200 USD 28,322,686 29,850,458 1.67Viacom Inc 'B' 1,044,900 USD 55,278,850 42,485,634 2.37Wells Fargo & Co 976,400 USD 43,249,733 45,685,756 2.55

1,728,219,174 1,728,517,069 96.42

Total Shares 1,771,738,981 1,780,451,602 99.32



Total Net Assets 1,792,656,870 100.00

165




% net assets



SHARES

Bermuda Hiscox Ltd 131,647 GBP 1,832,755 1,785,974 4.19

Denmark Ambu A/S 17,605 DKK 491,707 723,393 1.70DSV A/S 46,250 DKK 1,534,760 1,925,992 4.51Pandora A/S 10,314 DKK 481,206 1,398,555 3.28

2,507,673 4,047,940 9.49

France Schneider Electric SE 19,204 EUR 1,576,794 1,118,000 2.62

Germany Adidas AG 13,703 EUR 1,153,653 1,938,389 4.54Bayer AG (Reg) 15,935 EUR 2,242,331 1,574,609 3.69Bayerische Motoren Werke AG 11,866 EUR 1,065,665 861,361 2.02CTS Eventim AG & Co KGaA 19,342 EUR 671,995 591,399 1.39Fresenius Medical Care AG & Co KGaA 17,318 EUR 1,138,547 1,494,882 3.50GEA Group AG 31,458 EUR 1,317,423 1,471,024 3.45Jungheinrich AG - Pref 55,749 EUR 1,327,757 1,672,350 3.92SAP AG 23,423 EUR 1,518,249 1,740,650 4.08

10,435,620 11,344,664 26.59

Italy UniCredit SpA 191,169 EUR 1,480,614 407,600 0.96

Netherlands ING Groep NV 134,828 EUR 1,901,018 1,371,115 3.21

Norway Statoil ASA 96,807 NOK 2,244,204 1,661,935 3.89

Spain Amadeus IT Holding SA 'A' 43,935 EUR 1,803,823 1,916,737 4.49Distribuidora Internacional de Alimentacion SA 131,151 EUR 1,069,145 754,775 1.77

2,872,968 2,671,512 6.26

Sweden Hennes & Mauritz AB 30,535 SEK 1,031,945 881,982 2.06Svenska Handelsbanken AB 68,483 SEK 891,204 817,543 1.92

1,923,149 1,699,525 3.98

Switzerland LafargeHolcim Ltd (Reg) 21,598 CHF 1,404,726 892,962 2.09Nestle SA (Reg) 33,345 CHF 2,245,200 2,563,992 6.01

3,649,926 3,456,954 8.10

United Kingdom Barclays Plc 395,857 GBP 1,481,642 727,098 1.70British American Tobacco Plc 35,318 GBP 2,073,182 2,246,520 5.27GlaxoSmithKline Plc 94,133 GBP 2,411,883 1,977,543 4.63Indivior Plc 373,101 GBP 921,867 1,256,301 2.94

(expressed in USD)

PAN EUROPEAN FUND

166




% net assets


PAN EUROPEAN FUND (continued)

Pearson Plc 122,236 GBP 2,345,480 1,567,694 3.67Reckitt Benckiser Group Plc 20,911 GBP 1,791,260 2,060,920 4.84Standard Chartered Plc 79,139 GBP 1,321,434 591,649 1.39Travis Perkins Plc 64,565 GBP 1,893,482 1,257,915 2.95WH Smith Plc 61,121 GBP 1,194,939 1,286,081 3.01

15,435,169 12,971,721 30.40

Total Shares 45,859,890 42,536,940 99.69




167




% net assets



SHARES

Philippines Aboitiz Equity Ventures Inc 2,050,760 PHP 2,642,923 3,397,772 4.98Aboitiz Power Corp 852,600 PHP 758,929 834,523 1.22ABS-CBN Holdings Corp 55,530 PHP 48,953 55,946 0.08Alliance Global Group Inc 4,285,400 PHP 2,143,053 1,348,082 1.97Ayala Corp 178,549 PHP 2,648,232 3,222,021 4.72Ayala Land Inc 6,809,200 PHP 5,109,251 5,615,534 8.22Bank of the Philippine Islands 1,502,697 PHP 3,224,836 3,107,760 4.55BDO Unibank Inc 1,418,609 PHP 3,039,561 3,377,101 4.95Bloomberry Resorts Corp 1,183,600 PHP 226,258 167,046 0.24DMCI Holdings Inc 3,347,750 PHP 929,777 896,575 1.31East West Banking Corp 2,880,651 PHP 1,487,737 1,114,359 1.63Energy Development Corp 10,944,850 PHP 1,665,686 1,284,139 1.88Filinvest Land Inc 22,302,826 PHP 839,297 943,357 1.38First Gen Corp 3,506,937 PHP 1,708,083 1,856,054 2.72First Philippine Holdings Corp 940,600 PHP 1,726,678 1,356,495 1.99Globe Telecom Inc 20,980 PHP 802,797 1,057,751 1.55GT Capital Holdings Inc 65,060 PHP 1,388,386 1,991,314 2.92International Container Terminal Services Inc 620,070 PHP 1,337,778 810,549 1.19JG Summit Holdings Inc 2,292,530 PHP 2,905,728 4,190,605 6.14Jollibee Foods Corp 230,210 PHP 879,474 1,184,139 1.73LT Group Inc 2,533,600 PHP 1,026,455 857,323 1.26Manila Electric Co 133,020 PHP 842,841 876,480 1.28Megaworld Corp 10,016,400 PHP 920,551 989,983 1.45Metro Pacific Investments Corp 12,547,000 PHP 1,507,899 1,858,814 2.72Metropolitan Bank & Trust Co 1,439,032 PHP 2,700,348 2,763,515 4.05Petron Corp 878,900 PHP 159,311 208,108 0.30Philippine Long Distance Telephone Co 97,280 PHP 5,980,881 4,445,548 6.51Robinsons Land Corp 1,241,550 PHP 707,187 778,484 1.14San Miguel Corp 265,980 PHP 452,670 442,946 0.65Semirara Mining & Power Corp 'A' 251,350 PHP 681,384 668,343 0.98SM Investments Corp 313,232 PHP 5,998,190 6,438,074 9.42SM Prime Holdings Inc 6,820,875 PHP 2,985,613 3,957,911 5.80Universal Robina Corp 710,900 PHP 2,417,774 3,142,933 4.60Vista Land & Lifescapes Inc 10,880,613 PHP 1,268,400 1,234,974 1.81

63,162,921 66,474,558 97.34

Total Shares 63,162,921 66,474,558 97.34




(expressed in USD)

PHILIPPINES EQUITY FUND

168




% net assets



SHARES

Thailand Advanced Info Service PCL (Foreign Market) 192,900 THB 1,124,486 867,337 5.47Airports of Thailand PCL (Foreign Market) 90,800 THB 532,294 1,007,741 6.35AP Thailand PCL (Foreign Market) 775,438 THB 125,495 162,193 1.02Bangchak Petroleum PCL (Foreign Market) 92,400 THB 91,189 84,143 0.53Bangkok Bank PCL NVDR 8,600 THB 48,205 38,791 0.24Bangkok Bank PCL (Foreign Market) 137,200 THB 809,231 632,510 3.99Bangkok Dusit Medical Services PCL (Foreign Market) 993,900 THB 454,238 675,988 4.26Bangkok Life Assurance PCL NVDR 83,300 THB 103,413 88,302 0.56Banpu PCL (Foreign Market) Reg 183,300 THB 150,921 76,679 0.48BEC World PCL (Foreign Market) 118,000 THB 141,828 76,562 0.48BTS Group Holdings PCL (Foreign Market) 739,800 THB 196,820 202,108 1.27Bumrungrad Hospital PCL (Foreign Market) 34,800 THB 204,943 180,734 1.14Central Pattana PCL (Foreign Market) 293,100 THB 430,573 498,370 3.14Central Plaza Hotel PCL (Foreign Market) 79,000 THB 88,785 83,744 0.53Charoen Pokphand Foods PCL (Foreign Market) 426,500 THB 335,807 348,944 2.20CP ALL PCL (Foreign Market) 551,000 THB 587,491 787,927 4.97Delta Electronics Thailand PCL (Foreign Market) 74,900 THB 84,261 145,473 0.92Digital Telecommunications Infrastructure Fund 357,500 THB 119,903 147,517 0.93Electricity Generating PCL (Foreign Market) 39,300 THB 141,358 209,697 1.32Glow Energy PCL (Foreign Market) 97,200 THB 196,771 237,191 1.49Hana Microelectronics PCL (Foreign Market) 78,800 THB 81,523 66,153 0.42Home Product Center PCL (Foreign Market) 770,478 THB 142,161 217,067 1.37Indorama Ventures PCL (Foreign Market) 203,500 THB 123,347 167,943 1.06Intouch Holdings PCL NVDR 55,000 THB 107,014 84,910 0.54Intouch Holdings PCL (Foreign Market) 139,400 THB 287,029 218,184 1.37IRPC PCL (Foreign Market) 1,172,600 THB 140,033 158,838 1.00Kasikornbank PCL (Foreign Market) 172,100 THB 873,549 844,828 5.32Krung Thai Bank PCL (Foreign Market) 884,300 THB 480,905 410,190 2.59Land & Houses PCL NVDR 772,400 THB 248,329 198,925 1.25Minor International PCL 281,818 THB 194,691 322,800 2.03Pruksa Real Estate PCL (Foreign Market) 140,900 THB 96,707 101,244 0.64PTT Exploration & Production PCL (Foreign Market) 253,118 THB 1,081,247 603,262 3.80PTT Global Chemical PCL (Foreign Market) 371,393 THB 721,590 626,211 3.95PTT PCL (Foreign Market) 176,200 THB 1,657,498 1,569,455 9.90Robinson Department Store PCL (Foreign Market) 54,400 THB 94,830 104,883 0.66Siam Cement PCL NVDR 76,300 THB 1,026,470 1,033,547 6.51Siam City Cement PCL (Foreign Market) 12,700 THB 138,382 106,978 0.67Siam Commercial Bank PCL (Foreign Market) 237,600 THB 981,312 939,852 5.92Sino-Thai Engineering & Construction PCL (Foreign Market) 98,400 THB 66,287 66,645 0.42Supalai PCL (Foreign Market) 178,200 THB 109,147 121,200 0.76Thai Beverage PCL 119,300 SGD 64,242 80,554 0.51Thai Oil PCL (Foreign Market) 130,900 THB 225,519 223,506 1.41Thai Union Group PCL (Foreign Market) 297,524 THB 165,418 186,270 1.17Thanachart Capital PCL (Foreign Market) 81,000 THB 75,653 80,677 0.51TMB Bank PCL (Foreign Market) 1,668,300 THB 122,235 102,548 0.65Total Access Communication PCL NVDR 49,700 THB 48,647 45,613 0.29Total Access Communication PCL (Foreign Market) 64,500 THB 89,059 59,195 0.37True Corp PCL (Foreign Market) 1,342,893 THB 349,464 275,152 1.73

15,760,300 15,568,581 98.11

Total Shares 15,760,300 15,568,581 98.11

(expressed in USD)

THAILAND EQUITY FUND

169




% net assets


THAILAND EQUITY FUND (continued)

WARRANTS

Thailand Banpu PCL (Wts) 98,100 THB – 25,683 0.16BTS Group Holdings PCL (Wts) 452,000 THB – 12,477 0.08Minor International PCL (Wts) 17,594 THB – 2,629 0.02

– 40,789 0.26

Total Warrants – 40,789 0.26




170




% net assets



MUTUAL FUNDS

United States of America BNY Mellon U.S. Dollar Liquidity Fund 'Investor' 3,005,716 USD 3,005,716 3,005,716 5.38


BONDS

Bermuda Allied World Assurance Co Holdings Ltd 5.5% 15/11/2020 229,000 USD 228,544 254,971 0.46

Canada Glencore Finance Canada Ltd 4.25% 25/10/2022 '144A' 140,000 USD 98,406 129,150 0.23Toronto-Dominion Bank 2.25% 15/3/2021 '144A' 410,000 USD 409,404 420,169 0.75

507,810 549,319 0.98

Germany KFW 1.5% 6/2/2019 545,000 USD 543,845 553,373 0.99

Guernsey Credit Suisse Group Funding Guernsey Ltd 3.8% 9/6/2023 '144A' 250,000 USD 249,291 248,359 0.44

Luxembourg Actavis Funding SCS 3.45% 15/3/2022 77,000 USD 76,911 79,922 0.14Actavis Funding SCS 4.75% 15/3/2045 163,000 USD 159,746 172,032 0.31

236,657 251,954 0.45

Netherlands Mylan NV 3.15% 15/6/2021 '144A' 141,000 USD 140,839 142,841 0.26Mylan NV 3.95% 15/6/2026 '144A' 129,000 USD 128,016 130,045 0.23Shell International Finance BV 4% 10/5/2046 150,000 USD 147,310 154,649 0.28

416,165 427,535 0.77

United Kingdom HSBC Holdings Plc FRN Perpetual 200,000 USD 200,000 200,000 0.36HSBC Holdings Plc 6.5% 2/5/2036 185,000 USD 177,826 220,097 0.39Santander UK Plc FRN 14/3/2019 500,000 USD 500,001 500,455 0.90

877,827 920,552 1.65

United States of America AbbVie Inc 3.6% 14/5/2025 193,000 USD 190,434 201,335 0.36AbbVie Inc 4.5% 14/5/2035 47,000 USD 49,032 49,064 0.09Aetna Inc 4.375% 15/6/2046 265,000 USD 264,736 277,142 0.50AIG SunAmerica Global Financing X 6.9% 15/3/2032 '144A' 300,000 USD 319,869 391,230 0.70American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 247,846 USD 247,846 269,533 0.48American Tower Corp 3.375% 15/10/2026 162,000 USD 160,408 162,420 0.29Anheuser-Busch InBev Finance Inc 4.7% 1/2/2036 201,000 USD 199,362 226,700 0.41Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 161,000 USD 160,627 189,400 0.34Apple Inc 4.65% 23/2/2046 109,000 USD 108,379 123,793 0.22Bank of America Corp 3.3% 11/1/2023 'GMTN' 202,000 USD 200,604 208,064 0.37Bank of America Corp 4% 22/1/2025 'MTN' 199,000 USD 199,705 202,429 0.36Burlington Northern and Santa Fe Railway Co 2004-1 Pass Through Trust 4.575% 15/1/2021 421,691 USD 415,914 446,521 0.80Celgene Corp 4.625% 15/5/2044 250,000 USD 249,178 260,707 0.47Columbia Pipeline Group Inc 4.5% 1/6/2025 44,000 USD 43,940 47,346 0.08

(expressed in USD)

US BOND FUND

171




% net assets


US BOND FUND (continued)

Columbia Pipeline Group Inc 5.8% 1/6/2045 55,000 USD 54,879 63,136 0.11Consolidated Edison Co of New York Inc 3.85% 15/6/2046 150,000 USD 149,789 156,345 0.28Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/10/2025 888,142 USD 886,963 936,989 1.69CVS Caremark Corp 5.3% 5/12/2043 162,000 USD 161,714 202,914 0.36Diamond 1 Finance Corp / Diamond 2 Finance Corp 6.02% 15/6/2026 '144A' 200,000 USD 204,699 207,415 0.37Energy Transfer Partners LP 4.05% 15/3/2025 108,000 USD 107,922 105,074 0.19Energy Transfer Partners LP 5.15% 15/3/2045 195,000 USD 194,575 177,738 0.32Equifax Inc 3.3% 15/12/2022 145,000 USD 144,857 153,193 0.27Everest Reinsurance Holdings Inc 4.868% 1/6/2044 396,000 USD 396,000 406,650 0.73Express Scripts Holding Co 3% 15/7/2023 100,000 USD 99,911 99,911 0.18Express Scripts Holding Co 4.5% 25/2/2026 120,000 USD 119,383 132,308 0.24Express Scripts Holding Co 4.8% 15/7/2046 105,000 USD 104,816 104,816 0.19Exxon Mobil Corp 4.114% 1/3/2046 114,000 USD 114,000 128,870 0.23FMR LLC 6.5% 14/12/2040 '144A' 300,000 USD 298,617 396,182 0.71Ford Motor Credit Co LLC 5% 15/5/2018 250,000 USD 259,558 264,531 0.47Goldman Sachs Group Inc FRN 25/4/2019 909,000 USD 909,000 906,945 1.63Goldman Sachs Group Inc 4% 3/3/2024 484,000 USD 482,880 519,661 0.94Hewlett Packard Enterprise Co 6.2% 15/10/2035 '144A' 177,000 USD 176,901 178,429 0.32Janus Capital Group Inc 4.875% 1/8/2025 106,000 USD 105,061 115,060 0.21JPMorgan Chase & Co 3.2% 25/1/2023 248,000 USD 242,305 255,549 0.46Kraft Heinz Foods Co 4.375% 1/6/2046 '144A' 201,000 USD 200,368 213,814 0.38Kraft Heinz Foods Co 5% 15/7/2035 '144A' 100,000 USD 99,097 115,724 0.21Liberty Mutual Group Inc 4.25% 15/6/2023 '144A' 34,000 USD 34,747 36,044 0.06Liberty Mutual Group Inc 4.85% 1/8/2044 '144A' 111,000 USD 110,917 114,011 0.20Maxim Integrated Products Inc 3.375% 15/3/2023 268,000 USD 265,986 277,536 0.50Morgan Stanley 2.5% 21/4/2021 'GMTN' 493,000 USD 491,409 497,353 0.89Morgan Stanley 4% 23/7/2025 'GMTN' 175,000 USD 179,818 186,994 0.33Morgan Stanley 4.35% 8/9/2026 'GMTN' 85,000 USD 85,884 89,209 0.16MPLX LP 4.875% 1/6/2025 '144A' 150,000 USD 115,554 146,224 0.26Newell Brands Inc 3.85% 1/4/2023 212,000 USD 211,937 225,062 0.40Oglethorpe Power Corp 4.25% 1/4/2046 100,000 USD 98,381 105,077 0.19Ohio Power Co 6.6% 15/2/2033 305,000 USD 313,699 391,561 0.70Oracle Corp 2.65% 15/7/2026 600,000 USD 597,744 597,744 1.07Perrigo Co Plc 4% 15/11/2023 200,000 USD 199,387 205,858 0.37SES Global Americas Holdings GP 5.3% 25/3/2044 '144A' 245,000 USD 239,196 230,415 0.41United States Treasury Note/Bond 0.75% 31/10/2017 4,200,000 USD 4,197,248 4,209,021 7.55United States Treasury Note/Bond 0.875% 31/1/2017 300,000 USD 300,679 300,750 0.54United States Treasury Note/Bond 1.125% 31/12/2019 2,100,000 USD 2,099,303 2,121,573 3.80United States Treasury Note/Bond 1.375% 29/2/2020 550,000 USD 553,998 559,990 1.00United States Treasury Note/Bond 1.5% 31/1/2019 2,000,000 USD 2,019,327 2,040,704 3.66United States Treasury Note/Bond 1.5% 31/5/2020 750,000 USD 754,316 767,051 1.37United States Treasury Note/Bond 1.625% 31/5/2023 1,500,000 USD 1,509,382 1,535,157 2.75United States Treasury Note/Bond 2% 28/2/2021 1,000,000 USD 1,013,959 1,045,547 1.87United States Treasury Note/Bond 2.5% 15/5/2024 2,360,000 USD 2,491,168 2,564,933 4.59United States Treasury Note/Bond 2.5% 15/2/2045 1,515,000 USD 1,467,185 1,584,299 2.84United States Treasury Note/Bond 5% 15/5/2037 917,000 USD 955,981 1,414,473 2.53US Bancorp 3.1% 27/4/2026 'MTN' 100,000 USD 99,924 104,282 0.19Verisk Analytics Inc 5.5% 15/6/2045 136,000 USD 135,551 141,085 0.25Verizon Communications Inc 4.672% 15/3/2055 115,000 USD 111,236 116,484 0.21Verizon Communications Inc 6% 1/4/2041 100,000 USD 98,625 124,048 0.22Wells Fargo Bank NA 1.75% 24/5/2019 250,000 USD 249,896 253,165 0.45

29,325,766 30,882,588 55.32

Total Bonds 32,385,905 34,088,651 61.06

172




% net assets


US BOND FUND (continued)

SECURITISED ASSETS

United States of America AmeriCredit Automobile Receivables Trust 1.07% 8/3/2018 '2013 1 B' 2,292 USD 2,292 2,292 0.00Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 '144A' 178,000 USD 177,996 178,283 0.32Aventura Mall Trust 2013-AVM FRN 5/12/2032 '144A' 200,000 USD 214,696 216,286 0.39California Republic Auto Receivables Trust 2015-4 2.04% 15/1/2020 '144A' 500,000 USD 501,719 504,720 0.90CarMax Auto Owner Trust 2016-2 1.52% 16/2/2021 '2016 2 A3' 240,000 USD 239,987 241,357 0.43Chrysler Capital Auto Receivables Trust 2014-A 0.83% 17/9/2018 '144A' 263,775 USD 263,765 263,679 0.47Citibank Credit Card Issuance Trust FRN 24/7/2020 '2013 A4 A4' 114,000 USD 114,410 113,812 0.20Citibank Credit Card Issuance Trust 1.23% 24/4/2019 '2014 A4 A4' 136,000 USD 136,393 136,392 0.24Fannie Mae Pool 2.5% Perpetual 432,000 USD 444,542 445,854 0.80Fannie Mae Pool 3% Perpetual 453,000 USD 467,320 468,448 0.84Fannie Mae Pool 4% 25/7/2039 181,000 USD 193,009 193,948 0.35Fannie Mae Pool '310125' 2.5% 1/5/2028 372,336 USD 376,173 389,488 0.70Fannie Mae Pool 'AE0822' 4.5% 1/2/2041 773,683 USD 829,794 848,173 1.52Fannie Mae Pool 'AL2495' 4% 1/3/2042 681,135 USD 727,321 737,104 1.32Fannie Mae Pool 'AL3155' 3% 1/12/2027 790,290 USD 814,300 831,317 1.49Fannie Mae Pool 'AR2001' 3% 1/2/2043 1,755,613 USD 1,682,758 1,836,541 3.30Fannie Mae Pool 'AS6310' 3.5% 1/12/2045 73,290 USD 76,028 77,246 0.14Fannie Mae Pool 'AS6311' 3.5% 1/12/2045 1,256,638 USD 1,316,426 1,325,245 2.37Fannie Mae Pool 'BA4236' 3.5% 1/11/2045 92,297 USD 96,913 97,324 0.17Fannie Mae Pool 'MA2495' 3.5% 1/1/2046 471,681 USD 494,529 497,367 0.89Fannie Mae Trust 5% 25/6/2043 '2003 W12 2A6' 1,083,875 USD 1,084,918 1,182,252 2.12Federal National Mortgage Association 1.125% 20/7/2018 500,000 USD 499,085 504,272 0.90Federal National Mortgage Association 1.25% 6/5/2021 1,000,000 USD 994,780 1,003,540 1.80Ford Credit Floorplan Master Owner Trust A 1.2% 15/2/2019 '2014 1 A1' 622,000 USD 621,972 623,564 1.12Freddie Mac Gold Pool 3% 15/3/2027 76,000 USD 79,373 79,681 0.14Freddie Mac Gold Pool 'A86314' 4% 1/5/2039 665,723 USD 712,844 714,259 1.28Freddie Mac Gold Pool 'A93101' 5% 1/7/2040 468,588 USD 499,865 518,145 0.93Freddie Mac Gold Pool 'G07535' 4% 1/3/2043 461,483 USD 474,088 502,963 0.90Freddie Mac Gold Pool 'G08694' 4% 1/2/2046 768,300 USD 820,701 823,875 1.48Freddie Mac Gold Pool 'Q08239' 3.5% 1/5/2042 316,436 USD 322,511 335,902 0.60Freddie Mac Gold Pool 'Q08997' 3.5% 1/6/2042 375,867 USD 381,325 398,990 0.71Ginnie Mae II Pool 3% Perpetual 418,000 USD 433,217 435,569 0.78Ginnie Mae II Pool 3.5% Perpetual 1,324,000 USD 1,398,085 1,401,888 2.51Ginnie Mae II Pool 'MA2960' 3% 20/7/2045 400,413 USD 400,413 418,566 0.75GM Financial Automobile Leasing Trust 1.62% 20/9/2019 '2016 2 A3' 213,000 USD 212,979 213,408 0.38GS Mortgage Securities Trust 2011-GC3 4.753% 10/3/2044 '144A' 2,238,894 USD 2,259,707 2,473,423 4.44MMCA Auto Owner Trust 2014-A 1.21% 16/12/2019 '144A' 298,715 USD 298,693 298,603 0.53Toyota Auto Receivables Owner Trust 1.02% 15/10/2018 '2016 B A2A' 433,000 USD 432,992 433,424 0.78Volvo Financial Equipment LLC Series 2014-1 0.82% 16/4/2018 '144A' 189,916 USD 189,898 189,560 0.34WFRBS Commercial Mortgage Trust 3.311% 15/3/2045 '2013 C11 AS' 400,000 USD 410,723 420,617 0.75

21,698,540 22,377,377 40.08





173




% net assets



MUTUAL FUNDS



BONDS

Australia Barrick PD Australia Finance Pty Ltd 5.95% 15/10/2039 4,350,000 USD 4,411,539 4,557,295 0.09Commonwealth Bank of Australia/New York NY 2.3% 6/9/2019 34,807,000 USD 34,764,484 35,599,729 0.73Macquarie Bank Ltd 4.875% 10/6/2025 '144A' 10,000,000 USD 9,976,256 10,363,870 0.21Origin Energy Finance Ltd 3.5% 9/10/2018 '144A' 7,134,000 USD 7,128,112 7,173,422 0.15Rio Tinto Finance USA Ltd 7.125% 15/7/2028 2,915,000 USD 2,598,026 3,689,271 0.08Westpac Banking Corp 1.375% 30/5/2019 '144A' 15,000,000 USD 14,991,993 15,061,725 0.31Westpac Banking Corp 2% 3/3/2020 '144A' 10,000,000 USD 9,990,335 10,089,500 0.21

83,860,745 86,534,812 1.78

Austria Oesterreichische Kontrollbank AG 1.875% 20/1/2021 12,000,000 USD 11,966,881 12,285,432 0.25

Bermuda Allied World Assurance Co Holdings Ltd 5.5% 15/11/2020 799,000 USD 797,409 889,616 0.02

Brazil Samarco Mineracao SA 5.375% 26/9/2024 '144A' 7,676,000 USD 7,661,464 2,955,260 0.06

Canada Caisse Centrale Desjardins 1.55% 12/9/2017 '144A' 25,000,000 USD 24,991,264 25,047,725 0.51Canadian National Railway Co 6.25% 1/8/2034 725,000 USD 744,147 982,653 0.02Canadian National Railway Co 6.375% 15/11/2037 903,000 USD 937,698 1,271,874 0.03Canadian Natural Resources Ltd 5.85% 1/2/2035 1,250,000 USD 1,195,307 1,266,139 0.03Glencore Finance Canada Ltd 4.25% 25/10/2022 '144A' 5,533,000 USD 3,889,167 5,104,193 0.11Methanex Corp 5.65% 1/12/2044 9,946,000 USD 9,885,132 8,276,634 0.17Province of Ontario Canada 2.5% 27/4/2026 10,000,000 USD 9,963,806 10,291,190 0.21Province of Quebec Canada 2.5% 20/4/2026 15,000,000 USD 14,956,106 15,441,945 0.32Royal Bank of Canada 2.1% 14/10/2020 20,000,000 USD 19,994,361 20,215,000 0.42Suncor Energy Inc 6.1% 1/6/2018 1,528,000 USD 1,527,657 1,648,310 0.03Toronto-Dominion Bank 2.25% 25/9/2019 '144A' 25,000,000 USD 24,962,095 25,640,024 0.52Toronto-Dominion Bank 2.25% 15/3/2021 '144A' 22,131,000 USD 22,098,830 22,679,915 0.47Toronto-Dominion Bank 2.5% 14/12/2020 'GMTN' 10,000,000 USD 9,980,905 10,343,030 0.21

145,126,475 148,208,632 3.05

Colombia Colombia Government International Bond 6.125% 18/1/2041 8,000,000 USD 8,670,402 9,200,000 0.19Ecopetrol SA 5.375% 26/6/2026 8,750,000 USD 8,696,642 8,483,125 0.17

17,367,044 17,683,125 0.36

Curacao Teva Pharmaceutical Finance Co BV 3.65% 10/11/2021 384,000 USD 383,247 406,913 0.01

France BNP Paribas SA 4.375% 12/5/2026 '144A' 10,000,000 USD 9,982,665 10,103,400 0.20Electricite de France SA FRN Perpetual '144A' 8,475,000 USD 8,423,181 8,051,250 0.17

18,405,846 18,154,650 0.37

(expressed in USD)

US CORPORATE BOND FUND

174




% net assets


US CORPORATE BOND FUND (continued)

Germany Deutsche Bank AG/London 1.875% 13/2/2018 10,268,000 USD 10,261,401 10,199,174 0.21KFW 0.75% 17/3/2017 19,000,000 USD 18,992,818 19,000,912 0.39KFW 0.875% 19/4/2018 22,500,000 USD 22,453,510 22,519,125 0.46KFW 1.5% 6/2/2019 26,728,000 USD 26,671,389 27,138,621 0.56KFW 1.5% 20/4/2020 20,000,000 USD 19,941,877 20,289,600 0.42KFW 1.875% 1/4/2019 10,000,000 USD 9,982,396 10,261,000 0.21KFW 1.875% 30/11/2020 15,385,000 USD 15,356,752 15,812,288 0.33

123,660,143 125,220,720 2.58

Guernsey Credit Suisse Group Funding Guernsey Ltd 3.8% 9/6/2023 '144A' 26,498,000 USD 26,422,868 26,324,068 0.54Credit Suisse Group Funding Guernsey Ltd 4.55% 17/4/2026 '144A' 16,575,000 USD 16,571,106 17,135,765 0.35

42,993,974 43,459,833 0.89

Hong Kong AIA Group Ltd 3.2% 11/3/2025 '144A' 11,100,000 USD 11,087,763 11,326,562 0.23

International Asian Development Bank 0.875% 26/4/2018 'GMTN' 16,000,000 USD 15,975,424 16,026,384 0.33Asian Development Bank 1.375% 15/1/2019 'GMTN' 25,000,000 USD 24,927,422 25,238,875 0.52European Investment Bank 1% 15/6/2018 35,000,000 USD 34,976,397 35,058,240 0.72European Investment Bank 1.625% 15/6/2017 22,838,000 USD 22,998,004 23,024,861 0.47European Investment Bank 1.75% 15/3/2017 13,500,000 USD 13,491,616 13,594,352 0.28European Investment Bank 1.75% 17/6/2019 38,000,000 USD 38,300,090 38,778,467 0.81Inter-American Development Bank 1% 13/5/2019 22,703,000 USD 22,640,005 22,766,160 0.47Inter-American Development Bank 1.375% 15/7/2020 10,000,000 USD 9,983,993 10,090,750 0.21International Bank for Reconstruction & Development 1% 15/11/2017 27,000,000 USD 26,998,614 27,102,438 0.56International Bank for Reconstruction & Development 1% 15/6/2018 12,174,000 USD 12,161,046 12,222,659 0.25International Bank for Reconstruction & Development 1.375% 10/4/2018 30,000,000 USD 29,949,699 30,285,330 0.62International Bank for Reconstruction & Development 1.375% 24/5/2021 30,000,000 USD 29,923,831 30,185,190 0.62

282,326,141 284,373,706 5.86

Ireland GE Capital International Funding Co Unlimited Co 4.418% 15/11/2035 '144A' 15,981,000 USD 15,209,904 17,944,473 0.37Perrigo Finance Unlimited Co 3.5% 15/3/2021 3,037,000 USD 3,034,379 3,142,278 0.06Perrigo Finance Unlimited Co 4.375% 15/3/2026 2,331,000 USD 2,325,377 2,434,646 0.05

20,569,660 23,521,397 0.48

Italy Eni SpA 5.7% 1/10/2040 '144A' 2,708,000 USD 2,640,276 2,842,222 0.06

Luxembourg Actavis Funding SCS 3.45% 15/3/2022 4,170,000 USD 4,165,196 4,328,226 0.09Actavis Funding SCS 4.75% 15/3/2045 13,494,000 USD 13,385,495 14,241,716 0.30Pentair Finance SA 2.65% 1/12/2019 5,800,000 USD 5,793,369 5,796,555 0.12Prologis International Funding II SA 4.875% 15/2/2020 '144A' 7,723,000 USD 7,694,276 8,357,190 0.17SES SA 3.6% 4/4/2023 '144A' 4,956,000 USD 4,939,880 4,992,521 0.10

35,978,216 37,716,208 0.78

Mexico Grupo Bimbo SAB de CV 4.875% 27/6/2044 '144A' 1,674,000 USD 1,466,326 1,672,636 0.03Grupo Televisa SAB 6.125% 31/1/2046 15,624,000 USD 15,574,554 17,125,310 0.36Mexico Government International Bond 4% 2/10/2023 11,000,000 USD 11,368,786 11,825,000 0.24Mexico Government International Bond 5.75% 12/10/2110 4,420,000 USD 4,179,278 4,795,700 0.10

175




% net assets



Petroleos Mexicanos 5.5% 27/6/2044 11,067,000 USD 11,264,511 9,849,630 0.20Petroleos Mexicanos 6.5% 2/6/2041 11,552,000 USD 11,521,614 11,667,520 0.24

55,375,069 56,935,796 1.17

Netherlands Airbus Group Finance BV 2.7% 17/4/2023 '144A' 7,500,000 USD 7,487,180 7,784,483 0.16Cooperatieve Rabobank UA 4.625% 1/12/2023 15,000,000 USD 15,691,622 15,831,975 0.33LYB International Finance BV 4.875% 15/3/2044 10,400,000 USD 10,443,531 10,981,818 0.23Mylan NV 3.15% 15/6/2021 '144A' 12,592,000 USD 12,577,624 12,756,452 0.26Mylan NV 3.95% 15/6/2026 '144A' 11,484,000 USD 11,396,387 11,577,066 0.24Shell International Finance BV 3.25% 11/5/2025 10,712,000 USD 10,683,080 11,182,567 0.23Shell International Finance BV 4% 10/5/2046 18,150,000 USD 17,824,577 18,712,468 0.38Shell International Finance BV 5.5% 25/3/2040 1,500,000 USD 1,462,213 1,849,080 0.04

87,566,214 90,675,909 1.87

Norway Statoil ASA 2.9% 8/11/2020 16,114,000 USD 16,111,492 16,781,925 0.34Statoil ASA 3.15% 23/1/2022 3,947,000 USD 3,943,310 4,143,663 0.09Statoil ASA 5.1% 17/8/2040 739,000 USD 737,105 887,954 0.02

20,791,907 21,813,542 0.45

Panama Panama Government International Bond 5.2% 30/1/2020 12,000,000 USD 12,550,755 13,260,000 0.27

Peru BBVA Banco Continental SA 3.25% 8/4/2018 '144A' 13,500,000 USD 13,472,556 13,803,750 0.28

South Africa South Africa Government International Bond 6.25% 8/3/2041 2,000,000 USD 1,990,742 2,319,660 0.05

South Korea Export-Import Bank of Korea 3.75% 20/10/2016 6,250,000 USD 6,247,681 6,299,375 0.13Korea Development Bank 3.875% 4/5/2017 6,525,000 USD 6,520,501 6,670,723 0.14

12,768,182 12,970,098 0.27

Spain Telefonica Emisiones SAU 7.045% 20/6/2036 4,000,000 USD 3,924,641 5,061,672 0.10

Sweden Nordea Bank AB 2.375% 4/4/2019 '144A' 16,779,000 USD 16,739,238 17,181,277 0.35Svensk Exportkredit AB 1.25% 12/4/2019 'GMTN' 12,000,000 USD 11,993,128 12,054,168 0.25

28,732,366 29,235,445 0.60

Switzerland Credit Suisse AG/New York NY 1.7% 27/4/2018 10,000,000 USD 9,993,315 9,995,170 0.21UBS AG/Stamford CT 1.375% 1/6/2017 20,045,000 USD 20,036,387 20,058,771 0.41

30,029,702 30,053,941 0.62

United Kingdom Barclays Plc 3.65% 16/3/2025 15,000,000 USD 14,958,922 14,429,175 0.30Barclays Plc 4.375% 12/1/2026 13,095,000 USD 13,034,170 13,213,038 0.27BG Energy Capital Plc 5.125% 15/10/2041 '144A' 3,100,000 USD 3,055,185 3,463,398 0.07BP Capital Markets Plc 2.75% 10/5/2023 13,709,000 USD 13,614,829 13,814,340 0.28British Sky Broadcasting Group Plc 3.125% 26/11/2022 '144A' 1,761,000 USD 1,756,112 1,801,579 0.04British Sky Broadcasting Group Plc 9.5% 15/11/2018 '144A' 5,000,000 USD 5,121,574 5,836,795 0.12GlaxoSmithKline Capital Plc 1.5% 8/5/2017 15,000,000 USD 14,990,824 15,077,700 0.31HSBC Holdings Plc FRN Perpetual 19,656,000 USD 19,700,893 19,656,000 0.41HSBC Holdings Plc 4.25% 14/3/2024 7,411,000 USD 7,373,403 7,494,203 0.15HSBC Holdings Plc 6.5% 2/5/2036 740,000 USD 711,307 880,386 0.02HSBC Holdings Plc 6.8% 1/6/2038 3,725,000 USD 3,796,845 4,590,228 0.09HSBC Holdings Plc 7.35% 27/11/2032 1,200,000 USD 1,239,042 1,489,002 0.03

176




% net assets



Imperial Brands Finance Plc 2.05% 11/2/2018 '144A' 13,250,000 USD 13,246,150 13,351,879 0.27Lloyds Banking Group Plc 4.65% 24/3/2026 6,500,000 USD 6,474,049 6,547,314 0.13Santander UK Plc FRN 14/3/2019 27,000,000 USD 26,999,999 27,024,570 0.57Sky Plc 3.75% 16/9/2024 '144A' 13,941,000 USD 13,897,566 14,487,738 0.30Trinity Acquisition Plc 4.4% 15/3/2026 4,875,000 USD 4,855,014 5,095,808 0.10

164,825,884 168,253,153 3.46

United States of America 21st Century Fox America Inc 4.95% 15/10/2045 5,172,000 USD 5,140,035 5,858,769 0.1221st Century Fox America Inc 6.15% 15/2/2041 3,466,000 USD 3,679,271 4,368,789 0.0921st Century Fox America Inc 6.65% 15/11/2037 4,670,000 USD 4,861,605 6,141,835 0.13ABB Finance USA Inc 4.375% 8/5/2042 3,700,000 USD 3,600,068 4,223,361 0.09AbbVie Inc 3.2% 14/5/2026 13,297,000 USD 13,246,914 13,469,409 0.28AbbVie Inc 3.6% 14/5/2025 13,749,000 USD 13,566,040 14,342,764 0.30AbbVie Inc 4.45% 14/5/2046 18,000,000 USD 17,879,603 18,305,262 0.38AbbVie Inc 4.5% 14/5/2035 3,340,000 USD 3,484,388 3,486,689 0.07Actavis Funding SCS 4.85% 15/6/2044 8,437,000 USD 7,969,545 8,868,055 0.18Actavis Inc 4.625% 1/10/2042 3,158,000 USD 3,117,001 3,263,253 0.07Aetna Inc 4.375% 15/6/2046 11,921,000 USD 11,909,108 12,467,196 0.26AIG SunAmerica Global Financing X 6.9% 15/3/2032 '144A' 4,290,000 USD 4,563,134 5,594,589 0.12Alabama Power Co 5.2% 1/6/2041 5,000,000 USD 4,994,312 6,196,875 0.13Alabama Power Co 5.5% 15/3/2041 3,000,000 USD 2,981,316 3,826,119 0.08Altria Group Inc 5.375% 31/1/2044 3,296,000 USD 3,482,546 4,215,746 0.09Altria Group Inc 9.95% 10/11/2038 1,305,000 USD 1,286,313 2,353,821 0.05Ameren Illinois Co 4.3% 1/7/2044 16,761,000 USD 16,672,197 19,067,280 0.39American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 5,200,571 USD 5,200,571 5,655,621 0.12American Airlines 2016-2 Class A Pass Through Trust 3.65% 15/6/2028 6,500,000 USD 6,500,000 6,703,125 0.14American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 9,545,000 USD 9,545,000 9,831,350 0.20American International Group Inc 3.9% 1/4/2026 6,500,000 USD 6,496,842 6,685,263 0.14American International Group Inc 4.5% 16/7/2044 5,000,000 USD 5,051,959 4,863,780 0.10American Municipal Power Inc 7.834% 15/2/2041 1,525,000 USD 1,525,000 2,363,857 0.05American Tower Corp 3.3% 15/2/2021 9,713,000 USD 9,700,033 10,118,391 0.21American Tower Corp 3.375% 15/10/2026 10,980,000 USD 10,872,075 11,008,493 0.23American Tower Trust I 3.07% 15/3/2048 '144A' 19,767,000 USD 19,819,522 20,315,860 0.42Amgen Inc 6.4% 1/2/2039 2,611,000 USD 2,601,830 3,421,206 0.07Anheuser-Busch InBev Finance Inc 2.625% 17/1/2023 17,500,000 USD 17,473,984 17,717,018 0.36Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 7,500,000 USD 7,869,045 8,041,290 0.17Anheuser-Busch InBev Finance Inc 4.7% 1/2/2036 17,322,000 USD 17,180,849 19,536,791 0.40Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 21,989,000 USD 21,938,117 25,867,794 0.53Apache Corp 5.1% 1/9/2040 2,708,000 USD 2,691,705 2,800,554 0.06Appalachian Power Co 6.7% 15/8/2037 1,500,000 USD 1,362,690 1,945,337 0.04Appalachian Power Co 7% 1/4/2038 1,750,000 USD 1,741,630 2,375,709 0.05Apple Inc 3.85% 4/5/2043 6,250,000 USD 6,217,460 6,308,456 0.13Apple Inc 4.65% 23/2/2046 13,921,000 USD 13,841,658 15,810,302 0.33AT&T Inc 4.5% 15/5/2035 7,901,000 USD 7,879,516 8,086,974 0.17AT&T Inc 5.55% 15/8/2041 6,947,000 USD 6,908,366 7,806,914 0.16AT&T Inc 5.65% 15/2/2047 9,672,000 USD 9,649,667 11,136,844 0.23AT&T Inc 6.375% 1/3/2041 1,500,000 USD 1,499,371 1,830,776 0.04AutoZone Inc 3.25% 15/4/2025 4,646,000 USD 4,634,994 4,821,465 0.10BAE Systems Holdings Inc 3.85% 15/12/2025 '144A' 6,073,000 USD 6,005,426 6,444,309 0.13Baltimore Gas & Electric Co 6.35% 1/10/2036 955,000 USD 950,006 1,307,669 0.03Bank of America Corp 3.3% 11/1/2023 'GMTN' 24,859,000 USD 24,491,545 25,605,317 0.53Bank of America Corp 3.5% 19/4/2026 'GMTN' 14,550,000 USD 14,584,394 15,085,367 0.31Bank of America Corp 3.95% 21/4/2025 7,155,000 USD 7,124,580 7,272,292 0.15Bank of America Corp 4% 22/1/2025 'MTN' 15,007,000 USD 15,060,206 15,265,601 0.31Bank of America Corp 4.1% 24/7/2023 14,283,000 USD 14,571,294 15,315,732 0.32Bank of America Corp 4.2% 26/8/2024 'MTN' 3,325,000 USD 3,328,552 3,442,994 0.07Bank of America Corp 5.625% 1/7/2020 'MTN' 13,075,000 USD 13,292,259 14,698,850 0.30Bank of America Corp 5.75% 1/12/2017 9,750,000 USD 9,680,010 10,312,205 0.21Bayer US Finance LLC 2.375% 8/10/2019 '144A' 15,000,000 USD 14,955,188 15,339,675 0.32

177




% net assets



Berkshire Hathaway Finance Corp 5.75% 15/1/2040 2,761,000 USD 2,899,887 3,656,779 0.08BMW US Capital LLC 2% 11/4/2021 '144A' 14,970,000 USD 14,934,189 15,113,817 0.31Boston Gas Co 4.487% 15/2/2042 '144A' 3,215,000 USD 3,215,000 3,503,006 0.07Boston Properties LP 4.125% 15/5/2021 2,250,000 USD 2,242,284 2,452,831 0.05Brooklyn Union Gas Co 3.407% 10/3/2026 '144A' 9,053,000 USD 9,053,000 9,595,827 0.20Bunge Ltd Finance Corp 8.5% 15/6/2019 1,662,000 USD 1,661,984 1,942,413 0.04Bunge NA Finance LP 5.9% 1/4/2017 2,637,000 USD 2,652,902 2,721,703 0.06Burlington Northern and Santa Fe Railway Co 2006-1 PassThrough Trust 5.72% 15/1/2024 348,204 USD 337,666 393,419 0.01Burlington Northern Santa Fe LLC 3.75% 1/4/2024 9,455,000 USD 9,431,206 10,457,296 0.22Burlington Northern Santa Fe LLC 4.55% 1/9/2044 4,500,000 USD 4,476,632 5,159,471 0.11Burlington Northern Santa Fe LLC 5.4% 1/6/2041 6,000,000 USD 5,984,476 7,456,512 0.15Burlington Northern Santa Fe LLC 5.75% 1/5/2040 2,119,000 USD 2,113,318 2,726,445 0.06Cabot Corp 3.7% 15/7/2022 4,103,000 USD 4,100,327 4,254,856 0.09Capital One Bank USA NA 2.25% 13/2/2019 'BKNT' 12,656,000 USD 12,675,079 12,810,580 0.26Capital One NA/Mclean VA 2.4% 5/9/2019 17,107,000 USD 17,066,874 17,298,017 0.36Cargill Inc 4.76% 23/11/2045 '144A' 2,932,000 USD 2,871,579 3,428,801 0.07Cargill Inc 7.35% 6/3/2019 '144A' 1,650,000 USD 1,649,379 1,905,833 0.04CDK Global Inc 3.3% 15/10/2019 6,849,000 USD 6,849,000 6,859,034 0.14Celgene Corp 4.625% 15/5/2044 10,177,000 USD 10,129,470 10,612,840 0.22Chevron Corp 2.1% 16/5/2021 22,400,000 USD 22,400,000 22,801,251 0.47Citigroup Inc 1.8% 5/2/2018 25,500,000 USD 25,497,698 25,595,855 0.53Citigroup Inc 4.45% 29/9/2027 10,500,000 USD 10,529,607 10,787,165 0.22Citigroup Inc 4.6% 9/3/2026 5,000,000 USD 5,187,670 5,275,640 0.11City of Chicago IL 6.034% 1/1/2042 3,000,000 USD 3,000,000 2,586,840 0.05City of New York NY 6.646% 1/12/2031 2,300,000 USD 2,300,000 2,768,763 0.06Columbia Pipeline Group Inc 4.5% 1/6/2025 3,932,000 USD 3,926,652 4,231,040 0.09Columbia Pipeline Group Inc 5.8% 1/6/2045 4,916,000 USD 4,905,207 5,643,234 0.12Comcast Cable Communications Holdings Inc 9.455% 15/11/2022 1,050,000 USD 1,176,001 1,497,515 0.03Comcast Corp 3.375% 15/8/2025 13,120,000 USD 13,105,385 14,125,648 0.29Comcast Corp 6.4% 1/3/2040 848,000 USD 844,817 1,187,839 0.02Comcast Corp 6.5% 15/11/2035 825,000 USD 825,262 1,149,944 0.02Comcast Corp 6.55% 1/7/2039 1,000,000 USD 996,181 1,395,064 0.03Comcast Corp 6.95% 15/8/2037 2,024,000 USD 2,253,566 2,919,300 0.06Commonwealth of Massachusetts Transportation Fund Revenue 5.731% 1/6/2040 1,174,000 USD 1,174,000 1,649,869 0.03CommonWealth REIT 5.875% 15/9/2020 938,000 USD 929,518 1,041,513 0.02ConocoPhillips Holding Co 6.95% 15/4/2029 2,040,000 USD 2,228,759 2,551,491 0.05Consolidated Edison Co of New York Inc 3.85% 15/6/2046 13,500,000 USD 13,480,991 14,071,064 0.29Consolidated Edison Co of New York Inc 4.45% 15/3/2044 17,000,000 USD 16,986,825 19,000,628 0.39Continental Airlines 2001-1 Class A-1 Pass Through Trust 6.703% 15/12/2022 285,496 USD 284,613 298,343 0.01Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/10/2025 12,683,729 USD 12,655,210 13,381,334 0.28Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/4/2026 2,521,198 USD 2,521,198 2,672,469 0.06Crown Castle International Corp 3.4% 15/2/2021 3,291,000 USD 3,374,619 3,435,435 0.07Crown Castle International Corp 3.7% 15/6/2026 2,835,000 USD 2,826,503 2,921,411 0.06CSX Corp 5.5% 15/4/2041 1,950,000 USD 1,933,370 2,435,380 0.05CVS Caremark Corp 5.3% 5/12/2043 5,352,000 USD 5,342,509 6,703,669 0.14CVS Health Corp 2.125% 1/6/2021 6,000,000 USD 5,983,660 6,077,952 0.13CVS Health Corp 2.875% 1/6/2026 22,300,000 USD 22,110,301 22,835,155 0.47CVS Pass-Through Trust 6.036% 10/12/2028 4,218,108 USD 4,158,492 4,790,923 0.10CVS Pass-Through Trust 7.507% 10/1/2032 '144A' 515,810 USD 515,810 647,043 0.01Daimler Finance North America LLC 1.375% 1/8/2017 '144A' 44,000,000 USD 43,945,363 44,067,188 0.91Daimler Finance North America LLC 2.25% 2/3/2020 '144A' 15,200,000 USD 15,174,424 15,481,899 0.32Delta Air Lines 2009-1 Class A Pass Through Trust 7.75% 17/6/2021 353,273 USD 353,273 398,351 0.01Diageo Investment Corp 2.875% 11/5/2022 5,941,000 USD 5,928,400 6,240,955 0.13Diamond 1 Finance Corp / Diamond 2 Finance Corp 5.45% 15/6/2023 '144A' 7,929,000 USD 7,925,647 8,189,721 0.17Diamond 1 Finance Corp / Diamond 2 Finance Corp 6.02% 15/6/2026 '144A' 16,275,000 USD 16,352,247 16,878,379 0.35

178




% net assets



Diamond 1 Finance Corp / Diamond 2 Finance Corp 8.35% 15/7/2046 '144A' 9,015,000 USD 9,007,816 9,681,803 0.20Discover Bank/Greenwood DE 2.6% 13/11/2018 8,000,000 USD 7,996,384 8,115,568 0.17Dollar General Corp 1.875% 15/4/2018 5,527,000 USD 5,448,780 5,583,331 0.11Dominion Resources Inc/VA 7% 15/6/2038 1,557,000 USD 1,548,246 2,106,817 0.04Domtar Corp 6.25% 1/9/2042 3,950,000 USD 3,935,577 4,095,182 0.08Dow Chemical Co 4.625% 1/10/2044 7,750,000 USD 7,628,926 8,240,908 0.17Dow Chemical Co 8.55% 15/5/2019 8,130,000 USD 8,565,141 9,666,765 0.20Duke Energy Carolinas LLC 4.25% 15/12/2041 6,250,000 USD 6,241,041 7,069,356 0.15Duke Energy Indiana LLC 4.2% 15/3/2042 1,750,000 USD 1,747,214 1,920,924 0.04Duke Energy Progress LLC 4.1% 15/3/2043 7,130,000 USD 7,083,378 7,819,956 0.16Duke Realty LP 3.875% 15/2/2021 8,500,000 USD 8,486,214 8,991,445 0.19Dun & Bradstreet Corp 4% 15/6/2020 14,139,000 USD 14,095,499 14,682,475 0.30Energy Transfer Partners LP 4.05% 15/3/2025 5,859,000 USD 5,854,828 5,700,286 0.12Energy Transfer Partners LP 4.75% 15/1/2026 24,114,000 USD 23,956,236 24,165,194 0.50Energy Transfer Partners LP 5.15% 15/3/2045 10,463,000 USD 10,440,194 9,536,763 0.20Energy Transfer Partners LP 5.2% 1/2/2022 2,412,000 USD 2,408,757 2,517,677 0.05Energy Transfer Partners LP 6.05% 1/6/2041 8,420,000 USD 9,010,276 8,231,400 0.17Energy Transfer Partners LP 6.625% 15/10/2036 937,000 USD 924,509 966,559 0.02EnLink Midstream Partners LP 4.4% 1/4/2024 3,981,000 USD 3,942,029 3,708,998 0.08Enterprise Products Operating LLC 4.85% 15/3/2044 4,174,000 USD 4,206,833 4,447,581 0.09Enterprise Products Operating LLC 4.95% 15/10/2054 3,387,000 USD 3,333,740 3,435,465 0.07Enterprise Products Operating LLC 5.7% 15/2/2042 5,485,000 USD 5,575,883 6,399,092 0.13Enterprise Products Operating LLC 6.125% 15/10/2039 886,000 USD 881,789 1,052,413 0.02Enterprise Products Operating LLC 7.55% 15/4/2038 2,170,000 USD 2,161,364 2,732,193 0.06Equifax Inc 3.3% 15/12/2022 2,616,000 USD 2,613,435 2,763,809 0.06ERAC USA Finance LLC 2.8% 1/11/2018 '144A' 4,758,000 USD 4,754,887 4,873,443 0.10ERAC USA Finance LLC 3.85% 15/11/2024 '144A' 5,000,000 USD 5,017,866 5,368,470 0.11ERAC USA Finance LLC 4.5% 15/2/2045 '144A' 2,585,000 USD 2,556,593 2,740,733 0.06ERP Operating LP 3% 15/4/2023 4,762,000 USD 4,733,306 4,893,993 0.10Everest Reinsurance Holdings Inc 4.868% 1/6/2044 13,370,000 USD 13,370,000 13,729,573 0.28Exelon Corp 2.45% 15/4/2021 3,333,000 USD 3,332,238 3,381,745 0.07Exelon Generation Co LLC 2.95% 15/1/2020 4,604,000 USD 4,603,383 4,730,343 0.10Exelon Generation Co LLC 6.25% 1/10/2039 1,331,000 USD 1,329,594 1,466,043 0.03Express Scripts Holding Co 2.65% 15/2/2017 4,255,000 USD 4,249,800 4,300,180 0.09Express Scripts Holding Co 3% 15/7/2023 7,843,000 USD 7,836,020 7,836,020 0.16Express Scripts Holding Co 4.5% 25/2/2026 15,080,000 USD 15,002,438 16,626,756 0.34Express Scripts Holding Co 4.8% 15/7/2046 9,368,000 USD 9,351,606 9,351,606 0.19Exxon Mobil Corp 2.726% 1/3/2023 14,600,000 USD 14,600,000 15,198,279 0.31Exxon Mobil Corp 4.114% 1/3/2046 8,338,000 USD 8,338,000 9,425,567 0.19Five Corners Funding Trust 4.419% 15/11/2023 '144A' 16,307,000 USD 16,301,893 17,615,490 0.36FMC Technologies Inc 3.45% 1/10/2022 2,071,000 USD 2,069,902 1,974,721 0.04FMR LLC 4.95% 1/2/2033 '144A' 6,065,000 USD 6,058,665 6,757,156 0.14FMR LLC 6.45% 15/11/2039 '144A' 2,154,000 USD 2,234,357 2,850,125 0.06FMR LLC 6.5% 14/12/2040 '144A' 1,100,000 USD 1,094,953 1,452,669 0.03Ford Motor Credit Co LLC 2.24% 15/6/2018 20,000,000 USD 20,000,000 20,196,920 0.42Ford Motor Credit Co LLC 3.664% 8/9/2024 24,000,000 USD 23,986,104 24,964,104 0.51Ford Motor Credit Co LLC 5% 15/5/2018 5,840,000 USD 6,067,034 6,179,438 0.13Fortive Corp 2.35% 15/6/2021 '144A' 12,011,000 USD 12,008,272 12,157,318 0.25GATX Corp 4.75% 15/6/2022 2,000,000 USD 1,988,707 2,150,430 0.04General Electric Co FRN Perpetual 22,002,000 USD 20,350,185 23,267,115 0.48General Electric Co 6.75% 15/3/2032 'MTNA' 1,761,000 USD 2,155,476 2,477,264 0.05General Electric Co 6.875% 10/1/2039 'GMTN' 2,782,000 USD 3,410,769 4,226,025 0.09Georgia Power Co 4.3% 15/3/2042 4,959,000 USD 5,010,593 5,451,399 0.11Gilead Sciences Inc 4.5% 1/2/2045 14,009,000 USD 14,540,660 15,238,290 0.31Gilead Sciences Inc 4.8% 1/4/2044 10,557,000 USD 10,538,099 11,863,840 0.24GlaxoSmithKline Capital Inc 6.375% 15/5/2038 2,488,000 USD 2,549,975 3,573,022 0.07Goldman Sachs Group Inc FRN 25/4/2019 45,390,000 USD 45,389,999 45,287,418 0.93Goldman Sachs Group Inc 4% 3/3/2024 10,756,000 USD 10,731,102 11,548,491 0.24Goldman Sachs Group Inc 4.25% 21/10/2025 21,594,000 USD 21,445,513 22,346,270 0.46Goldman Sachs Group Inc 5.15% 22/5/2045 7,006,000 USD 6,938,906 7,291,039 0.15Goldman Sachs Group Inc 5.75% 24/1/2022 28,897,000 USD 31,404,646 33,551,729 0.69Goldman Sachs Group Inc 6.25% 1/2/2041 4,307,000 USD 4,173,123 5,608,429 0.12

179




% net assets



Goldman Sachs Group Inc 6.45% 1/5/2036 3,750,000 USD 2,948,282 4,440,476 0.09Guardian Life Global Funding 2% 26/4/2021 '144A' 4,989,000 USD 4,982,670 5,054,296 0.10Guardian Life Insurance Co of America 7.375% 30/9/2039 '144A' 1,408,000 USD 1,551,856 1,940,622 0.04Halliburton Co 3.8% 15/11/2025 8,551,000 USD 8,528,527 8,921,959 0.18Hewlett Packard Enterprise Co 6.2% 15/10/2035 '144A' 13,153,000 USD 13,145,656 13,259,197 0.27Hewlett Packard Enterprise Co 6.35% 15/10/2045 '144A' 7,765,000 USD 7,759,851 7,790,190 0.16Home Depot Inc 4.875% 15/2/2044 9,263,000 USD 9,137,426 11,460,295 0.24Hospitality Properties Trust 4.5% 15/3/2025 11,754,000 USD 11,635,217 11,827,886 0.24Host Hotels & Resorts LP 4.5% 1/2/2026 2,740,000 USD 2,731,849 2,879,110 0.06Howard Hughes Medical Institute 3.5% 1/9/2023 8,507,000 USD 8,494,529 9,369,261 0.19HSBC USA Inc 2.375% 13/11/2019 10,000,000 USD 9,995,904 10,072,830 0.21Humana Inc 4.625% 1/12/2042 3,000,000 USD 2,998,335 3,128,451 0.06Huntington National Bank 2.875% 20/8/2020 18,745,000 USD 18,679,916 19,276,196 0.40IDEX Corp 4.2% 15/12/2021 4,250,000 USD 4,244,187 4,563,166 0.09International Paper Co 5.15% 15/5/2046 6,215,000 USD 6,162,897 6,727,104 0.14International Paper Co 6% 15/11/2041 1,472,000 USD 1,471,828 1,695,411 0.03International Paper Co 7.3% 15/11/2039 1,709,000 USD 1,705,542 2,244,795 0.05ITC Holdings Corp 3.25% 30/6/2026 5,527,000 USD 5,519,539 5,499,586 0.11Janus Capital Group Inc 4.875% 1/8/2025 7,316,000 USD 7,251,244 7,941,342 0.16Jersey Central Power & Light Co 4.7% 1/4/2024 '144A' 12,727,000 USD 12,678,814 13,964,446 0.29JM Smucker Co 2.5% 15/3/2020 8,924,000 USD 8,895,724 9,195,602 0.19JPMorgan Chase & Co 3.2% 25/1/2023 21,863,000 USD 21,631,774 22,528,510 0.46JPMorgan Chase & Co 3.3% 1/4/2026 5,750,000 USD 5,743,346 5,950,146 0.12JPMorgan Chase & Co 3.625% 13/5/2024 14,710,000 USD 14,653,386 15,642,820 0.32JPMorgan Chase & Co 4.25% 15/10/2020 5,674,000 USD 5,680,060 6,187,140 0.13JPMorgan Chase & Co 4.25% 1/10/2027 7,900,000 USD 7,874,484 8,337,075 0.17JPMorgan Chase & Co 4.5% 24/1/2022 18,051,000 USD 18,916,264 20,001,429 0.41Kentucky Utilities Co 5.125% 1/11/2040 2,000,000 USD 1,982,382 2,515,658 0.05KeyBank NA/Cleveland OH 2.25% 16/3/2020 'BKNT' 20,000,000 USD 19,977,574 20,223,580 0.42Kilroy Realty LP 4.375% 1/10/2025 6,687,000 USD 6,652,796 7,227,590 0.15Kinder Morgan Energy Partners LP 6.375% 1/3/2041 1,500,000 USD 1,498,042 1,561,625 0.03Kinder Morgan Energy Partners LP 6.55% 15/9/2040 1,368,000 USD 1,365,411 1,430,024 0.03Kinder Morgan Inc/DE 5.55% 1/6/2045 3,850,000 USD 3,837,704 3,912,820 0.08KKR Group Finance Co III LLC 5.125% 1/6/2044 '144A' 5,578,000 USD 5,634,597 5,657,475 0.12Kohl's Corp 5.55% 17/7/2045 3,100,000 USD 3,010,571 2,881,872 0.06Kraft Heinz Foods Co 4.375% 1/6/2046 '144A' 18,898,000 USD 18,838,554 20,102,729 0.41Kraft Heinz Foods Co 5% 15/7/2035 '144A' 7,854,000 USD 7,783,102 9,088,987 0.19Kraft Heinz Foods Co 5.2% 15/7/2045 '144A' 11,213,000 USD 11,170,317 13,180,758 0.27Kroger Co 6.9% 15/4/2038 1,200,000 USD 1,195,149 1,669,003 0.03LG&E & KU Energy LLC 4.375% 1/10/2021 3,425,000 USD 3,422,108 3,779,542 0.08Liberty Mutual Group Inc 4.25% 15/6/2023 '144A' 3,825,000 USD 3,908,942 4,054,913 0.08Liberty Mutual Group Inc 4.85% 1/8/2044 '144A' 12,420,000 USD 12,410,706 12,756,855 0.26Life Technologies Corp 5% 15/1/2021 1,605,000 USD 1,664,626 1,771,228 0.04Lincoln National Corp 4.85% 24/6/2021 3,243,000 USD 3,240,852 3,584,465 0.07Lincoln National Corp 7% 15/6/2040 2,196,000 USD 2,266,736 2,835,932 0.06Marathon Petroleum Corp 6.5% 1/3/2041 1,462,000 USD 1,451,867 1,551,831 0.03Markel Corp 5% 5/4/2046 5,619,000 USD 5,686,648 5,951,459 0.12Massachusetts Bay Transportation Authority 5.569% 1/7/2039 2,500,000 USD 2,500,000 3,196,750 0.07Massachusetts Institute of Technology 5.6% 1/7/2111 2,719,000 USD 2,917,034 3,889,747 0.08MassMutual Global Funding II 2.5% 17/10/2022 '144A' 7,303,000 USD 7,250,118 7,406,944 0.15Maxim Integrated Products Inc 3.375% 15/3/2023 7,220,000 USD 7,165,767 7,476,902 0.15Mead Johnson Nutrition Co 5.9% 1/11/2039 2,126,000 USD 2,154,034 2,586,868 0.05Memorial Sloan-Kettering Cancer Center 5% 1/7/2042 4,038,000 USD 4,062,557 5,086,665 0.10Merck & Co Inc 2.75% 10/2/2025 6,849,000 USD 6,839,275 7,168,184 0.15Merck & Co Inc 4.15% 18/5/2043 3,531,000 USD 3,521,320 3,926,465 0.08MetLife Capital Trust X 9.25% 8/4/2068 '144A' 1,200,000 USD 1,200,000 1,646,776 0.03Metropolitan Life Global Funding I 1.875% 22/6/2018 '144A' 15,000,000 USD 14,991,893 15,140,880 0.31Metropolitan Life Global Funding I 3% 10/1/2023 '144A' 9,104,000 USD 9,100,974 9,341,569 0.19Metropolitan Life Global Funding I 3.65% 14/6/2018 '144A' 8,000,000 USD 7,997,282 8,356,320 0.17Metropolitan Transportation Authority 6.814% 15/11/2040 3,454,000 USD 3,454,000 5,106,186 0.11Microsoft Corp 4.45% 3/11/2045 6,885,000 USD 6,861,776 7,818,702 0.16Microsoft Corp 4.875% 15/12/2043 14,686,000 USD 14,639,536 17,567,320 0.36Microsoft Corp 5.3% 8/2/2041 1,500,000 USD 1,489,596 1,883,435 0.04

180




% net assets



Mid-America Apartments LP 4% 15/11/2025 3,515,000 USD 3,481,824 3,696,810 0.08Mississippi Power Co 4.75% 15/10/2041 1,457,000 USD 1,456,030 1,365,366 0.03Morgan Stanley 2.375% 23/7/2019 'GMTN' 9,926,000 USD 9,899,635 10,073,163 0.21Morgan Stanley 2.5% 21/4/2021 'GMTN' 22,306,000 USD 22,234,004 22,502,940 0.46Morgan Stanley 4% 23/7/2025 'GMTN' 22,489,000 USD 22,907,013 24,030,284 0.49Morgan Stanley 4.35% 8/9/2026 'GMTN' 7,528,000 USD 7,606,313 7,900,726 0.16Morgan Stanley 4.75% 22/3/2017 11,104,000 USD 11,093,674 11,379,268 0.23MPLX LP 4% 15/2/2025 2,686,000 USD 2,677,667 2,442,272 0.05MPLX LP 4.875% 1/6/2025 '144A' 5,000,000 USD 3,851,806 4,874,140 0.10Municipal Electric Authority of Georgia 6.637% 1/4/2057 2,000,000 USD 1,980,780 2,682,220 0.06Narragansett Electric Co 4.17% 10/12/2042 '144A' 5,097,000 USD 5,097,000 5,391,464 0.11National Rural Utilities Cooperative Finance Corp 3.05% 15/2/2022 886,000 USD 884,293 935,677 0.02NBCUniversal Enterprise Inc 5.25% Perpetual '144A' 14,775,000 USD 14,775,000 15,236,719 0.31NBCUniversal Media LLC 4.375% 1/4/2021 7,231,000 USD 7,410,820 8,102,733 0.17NBCUniversal Media LLC 5.95% 1/4/2041 912,000 USD 909,936 1,230,983 0.03NetApp Inc 2% 15/12/2017 8,623,000 USD 8,610,327 8,660,941 0.18Nevada Power Co 5.375% 15/9/2040 2,250,000 USD 2,244,356 2,785,363 0.06New Jersey Turnpike Authority 7.102% 1/1/2041 4,825,000 USD 4,825,000 7,360,682 0.15New York City Transitional Finance Authority Future Tax Secured Revenue 5.767% 1/8/2036 3,500,000 USD 3,500,000 4,618,915 0.10New York City Water & Sewer System 5.75% 15/6/2041 3,750,000 USD 3,750,000 5,294,888 0.11New York Life Global Funding 2% 13/4/2021 '144A' 11,262,000 USD 11,246,204 11,409,386 0.23New York Life Insurance Co 6.75% 15/11/2039 '144A' 2,800,000 USD 3,155,405 3,837,772 0.08Newell Brands Inc 3.85% 1/4/2023 15,445,000 USD 15,440,401 16,396,628 0.34Newell Brands Inc 5.5% 1/4/2046 6,212,000 USD 6,189,596 7,429,695 0.15Noble Energy Inc 6% 1/3/2041 2,892,000 USD 2,726,051 3,119,008 0.06Norfolk Southern Corp 6% 23/5/2111 3,529,000 USD 3,529,000 4,377,622 0.09Northern States Power Co/MN 6.2% 1/7/2037 950,000 USD 982,406 1,307,288 0.03Northwestern Mutual Life Insurance Co 6.063% 30/3/2040 '144A' 1,391,000 USD 1,391,000 1,784,275 0.04NuStar Logistics LP 8.15% 15/4/2018 2,000,000 USD 1,999,293 2,080,000 0.04NYU Hospitals Center 4.428% 1/7/2042 5,537,000 USD 5,537,000 6,074,310 0.13NYU Hospitals Center 5.75% 1/7/2043 3,824,000 USD 3,824,000 5,036,105 0.10Oglethorpe Power Corp 4.2% 1/12/2042 8,295,000 USD 8,253,004 8,570,203 0.18Oglethorpe Power Corp 4.25% 1/4/2046 3,498,000 USD 3,441,363 3,675,604 0.08Oglethorpe Power Corp 4.55% 1/6/2044 4,758,000 USD 4,730,081 5,051,464 0.10Oglethorpe Power Corp 5.375% 1/11/2040 2,030,000 USD 2,025,878 2,429,005 0.05Oglethorpe Power Corp 5.95% 1/11/2039 1,961,000 USD 1,961,000 2,434,232 0.05Omnicom Group Inc 3.6% 15/4/2026 13,048,000 USD 13,036,173 13,758,685 0.28Oncor Electric Delivery Co LLC 4.55% 1/12/2041 3,500,000 USD 3,494,197 3,947,332 0.08Oracle Corp 2.65% 15/7/2026 49,000,000 USD 48,815,760 48,815,760 1.00Oracle Corp 4.375% 15/5/2055 6,692,000 USD 6,662,701 7,057,999 0.15Oracle Corp 5.375% 15/7/2040 2,274,000 USD 2,252,882 2,763,804 0.06Pacific Gas & Electric Co 4.3% 15/3/2045 11,130,000 USD 11,014,240 12,465,021 0.26Pacific Gas & Electric Co 4.45% 15/4/2042 2,000,000 USD 2,003,314 2,256,040 0.05Pacific Gas & Electric Co 4.5% 15/12/2041 3,500,000 USD 3,489,768 3,976,322 0.08Pacific Gas & Electric Co 5.4% 15/1/2040 1,500,000 USD 1,483,365 1,915,731 0.04Pacific Gas & Electric Co 6.05% 1/3/2034 1,345,000 USD 1,341,827 1,786,016 0.04Penske Truck Leasing Co Lp / PTL Finance Corp 4.875% 11/7/2022 '144A' 10,157,000 USD 10,289,552 11,083,735 0.23Perrigo Co Plc 4% 15/11/2023 4,049,000 USD 4,036,570 4,167,599 0.09Pfizer Inc 5.6% 15/9/2040 1,545,000 USD 1,527,134 1,990,970 0.04Pfizer Inc 7.2% 15/3/2039 3,620,000 USD 3,890,868 5,530,828 0.11Philip Morris International Inc 4.125% 4/3/2043 7,250,000 USD 7,069,382 7,770,398 0.16Philip Morris International Inc 6.375% 16/5/2038 2,400,000 USD 2,392,111 3,323,678 0.07Port Authority of New York & New Jersey 4.458% 1/10/2062 12,207,000 USD 12,207,000 14,048,426 0.29Potomac Electric Power Co 6.5% 15/11/2037 2,100,000 USD 2,053,312 2,971,099 0.06PPL Electric Utilities Corp 4.75% 15/7/2043 2,215,000 USD 2,202,348 2,693,489 0.06Pricoa Global Funding I 2.55% 24/11/2020 '144A' 16,000,000 USD 16,000,000 16,540,320 0.34Progress Energy Inc 4.4% 15/1/2021 7,000,000 USD 6,988,313 7,657,825 0.16Prudential Financial Inc FRN 15/9/2042 3,727,000 USD 3,925,983 3,997,208 0.08Prudential Financial Inc 5.7% 14/12/2036 'MTN' 687,000 USD 640,196 823,699 0.02Public Service Co of Colorado 4.75% 15/8/2041 2,725,000 USD 2,716,294 3,292,909 0.07

181




% net assets



Public Service Co of Oklahoma 4.4% 1/2/2021 8,000,000 USD 7,972,444 8,758,832 0.18Public Service Electric & Gas Co 3.95% 1/5/2042 'MTN' 4,000,000 USD 3,977,838 4,423,196 0.09Public Service Electric & Gas Co 5.8% 1/5/2037 'MTN' 825,000 USD 820,396 1,096,600 0.02Puget Sound Energy Inc 5.638% 15/4/2041 2,222,000 USD 2,221,908 2,926,903 0.06Puget Sound Energy Inc 5.757% 1/10/2039 664,000 USD 664,000 885,771 0.02Qwest Corp 6.75% 1/12/2021 2,750,000 USD 2,723,355 2,930,978 0.06Rayonier Inc 3.75% 1/4/2022 2,593,000 USD 2,589,760 2,653,137 0.05Realty Income Corp 4.65% 1/8/2023 7,120,000 USD 7,108,715 7,833,837 0.16Reliance Standard Life Global Funding II 3.05% 20/1/2021 '144A' 10,576,000 USD 10,564,958 10,902,883 0.22Republic Services Inc 3.55% 1/6/2022 2,500,000 USD 2,495,921 2,699,598 0.06Roche Holdings Inc 2.875% 29/9/2021 '144A' 10,000,000 USD 9,979,282 10,636,000 0.22Roper Technologies Inc 1.85% 15/11/2017 10,000,000 USD 9,997,519 10,053,130 0.21Ryder System Inc 2.65% 2/3/2020 'MTN' 16,411,000 USD 16,403,102 16,619,403 0.34Samsung Electronics America Inc 1.75% 10/4/2017 '144A' 3,992,000 USD 3,989,736 4,002,327 0.08San Diego Gas & Electric Co 6.125% 15/9/2037 825,000 USD 853,063 1,146,825 0.02SBA Tower Trust 2.898% 15/10/2019 '144A' 22,785,000 USD 22,785,000 23,098,077 0.48SC Johnson & Son Inc 4.75% 15/10/2046 '144A' 8,262,000 USD 8,246,421 9,719,285 0.20SES Global Americas Holdings GP 5.3% 25/3/2044 '144A' 13,106,000 USD 12,795,553 12,325,774 0.25Simon Property Group LP 3.375% 15/3/2022 9,500,000 USD 9,474,326 10,179,906 0.21South Carolina Electric & Gas Co 4.1% 15/6/2046 10,264,000 USD 10,242,897 10,840,734 0.22Southern California Edison Co 1.845% 1/2/2022 15,880,286 USD 15,880,286 15,777,334 0.32Southern California Edison Co 4.65% 1/10/2043 13,000,000 USD 12,918,785 15,777,489 0.32Southwestern Public Service Co 6% 1/10/2036 475,000 USD 459,353 610,152 0.01Spectra Energy Partners LP 3.5% 15/3/2025 13,142,000 USD 13,094,245 13,458,748 0.28State of Texas 5.517% 1/4/2039 4,300,000 USD 4,587,915 6,102,947 0.13State of Washington 5.481% 1/8/2039 2,050,000 USD 2,050,000 2,838,553 0.06SunTrust Bank/Atlanta GA 2.75% 1/5/2023 'BKNT' 8,052,000 USD 8,032,916 8,108,372 0.17TD Ameritrade Holding Corp 2.95% 1/4/2022 12,200,000 USD 12,176,689 12,747,768 0.26Texas Transportation Commission State Highway Fund 5.178% 1/4/2030 1,185,000 USD 1,185,000 1,521,824 0.03Time Warner Cable Inc 5.875% 15/11/2040 3,129,000 USD 3,027,187 3,435,917 0.07Time Warner Cable Inc 6.75% 15/6/2039 3,462,000 USD 3,956,885 4,078,454 0.08Time Warner Inc 5.375% 15/10/2041 3,311,000 USD 3,293,309 3,793,409 0.08Time Warner Inc 6.1% 15/7/2040 1,171,000 USD 1,170,350 1,435,397 0.03Time Warner Inc 6.2% 15/3/2040 1,600,000 USD 1,599,985 1,970,834 0.04Time Warner Inc 7.7% 1/5/2032 3,050,000 USD 3,144,829 4,258,868 0.09TTX Co 3.05% 15/11/2022 '144A' 2,778,000 USD 2,772,096 2,865,721 0.06Tyson Foods Inc 3.95% 15/8/2024 6,561,000 USD 6,544,835 7,106,193 0.15Tyson Foods Inc 5.15% 15/8/2044 3,794,000 USD 3,779,963 4,389,643 0.09Union Electric Co 8.45% 15/3/2039 1,495,000 USD 1,491,227 2,492,093 0.05Union Pacific Railroad Co 2005 Pass Through Trust 5.082% 2/1/2029 335,064 USD 325,712 373,513 0.01United States Treasury Note/Bond 0.75% 31/10/2017 65,000,000 USD 64,968,655 65,139,620 1.34United States Treasury Note/Bond 1.5% 31/1/2019 71,000,000 USD 72,208,775 72,444,992 1.49United States Treasury Note/Bond 1.5% 31/5/2020 15,000,000 USD 15,131,115 15,341,010 0.32United States Treasury Note/Bond 1.5% 31/1/2022 66,000,000 USD 66,218,181 67,335,444 1.39United States Treasury Note/Bond 1.625% 31/5/2023 10,000,000 USD 10,108,992 10,234,380 0.21United Technologies Corp 4.5% 1/6/2042 7,180,000 USD 7,442,558 8,261,724 0.17UnitedHealth Group Inc 4.625% 15/11/2041 3,500,000 USD 3,463,073 4,006,839 0.08UnitedHealth Group Inc 5.7% 15/10/2040 976,000 USD 970,957 1,251,946 0.03University of California 5.77% 15/5/2043 3,000,000 USD 2,997,988 4,116,360 0.08University of Missouri 5.792% 1/11/2041 2,950,000 USD 2,950,000 4,262,308 0.09University of Southern California 5.25% 1/10/2111 1,816,000 USD 1,816,000 2,449,991 0.05University of Texas System 4.794% 15/8/2046 5,500,000 USD 5,500,000 6,981,370 0.14US Bancorp 3.1% 27/4/2026 'MTN' 6,395,000 USD 6,390,169 6,668,847 0.14Valero Energy Corp 10.5% 15/3/2039 3,200,000 USD 3,193,904 4,709,862 0.10Ventas Realty LP / Ventas Capital Corp 4% 30/4/2019 3,788,000 USD 3,780,219 3,987,745 0.08Verisk Analytics Inc 5.5% 15/6/2045 10,345,000 USD 10,310,857 10,731,789 0.22Verizon Communications Inc 4.4% 1/11/2034 25,000,000 USD 24,834,245 25,923,225 0.53Verizon Communications Inc 4.672% 15/3/2055 12,526,000 USD 12,132,946 12,687,585 0.26Verizon Communications Inc 4.862% 21/8/2046 4,000,000 USD 4,163,910 4,403,872 0.09Verizon Communications Inc 5.012% 21/8/2054 25,531,000 USD 25,526,201 27,053,669 0.56Verizon Communications Inc 6% 1/4/2041 2,400,000 USD 2,492,048 2,977,150 0.06

182




% net assets



Visa Inc 4.15% 14/12/2035 4,216,000 USD 4,210,467 4,796,421 0.10Visa Inc 4.3% 14/12/2045 11,426,000 USD 11,407,272 13,272,247 0.27Voya Financial Inc 2.9% 15/2/2018 5,850,000 USD 5,846,658 5,957,084 0.12Walgreens Boots Alliance Inc 3.45% 1/6/2026 12,534,000 USD 12,502,708 12,857,853 0.26Wal-Mart Stores Inc 6.2% 15/4/2038 4,200,000 USD 4,497,263 5,942,269 0.12WEA Finance LLC / Westfield UK & Europe Finance Plc 3.25% 5/10/2020 '144A' 11,617,000 USD 11,583,132 12,089,254 0.25WEC Energy Group Inc 3.55% 15/6/2025 2,697,000 USD 2,696,591 2,897,169 0.06Wells Fargo & Co 3% 22/4/2026 10,000,000 USD 9,966,385 10,198,120 0.21Wells Fargo & Co 4.1% 3/6/2026 'MTN' 7,900,000 USD 7,908,609 8,445,171 0.16Wells Fargo & Co 4.3% 22/7/2027 'GMTN' 12,978,000 USD 13,769,459 14,004,456 0.28Wells Fargo & Co 4.9% 17/11/2045 'GMTN' 5,755,000 USD 5,712,079 6,300,269 0.13Wells Fargo Bank NA FRN 22/1/2018 'BKNT' 12,900,000 USD 12,900,000 12,956,941 0.26Wells Fargo Bank NA 1.75% 24/5/2019 26,750,000 USD 26,738,866 27,088,602 0.55Wyndham Worldwide Corp 4.25% 1/3/2022 3,289,000 USD 3,273,302 3,489,205 0.07Wyndham Worldwide Corp 5.1% 1/10/2025 7,485,000 USD 7,482,658 8,075,432 0.16Xcel Energy Inc 3.3% 1/6/2025 6,897,000 USD 6,871,624 7,282,328 0.15

2,933,464,553 3,133,810,574 64.51

Total Bonds 4,170,317,855 4,370,674,551 90.43

SECURITISED ASSETS

United States of America AmeriCredit Automobile Receivables Trust 1.07% 8/3/2018 '2013 1 B' 18,323 USD 18,321 18,322 0.00AOA 2015-1177 Mortgage Trust FRN 13/12/2029 '144A' 5,624,000 USD 5,750,828 5,887,471 0.12Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 '144A' 1,000,000 USD 993,047 1,003,083 0.02Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 '144A' 4,482,000 USD 4,481,899 4,489,128 0.09Ascentium Equipment Receivables 2016-1 Trust 1.92% 10/12/2019 '144A' 2,240,000 USD 2,239,814 2,244,669 0.05Aventura Mall Trust 2013-AVM FRN 5/12/2032 '144A' 12,420,000 USD 13,327,987 13,431,337 0.28BAMLL Commercial Mortgage Securities Trust 2015-200P 3.218% 14/4/2033 '144A' 10,000,000 USD 10,299,770 10,583,108 0.22BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 '144A' 6,494,000 USD 6,688,450 6,711,772 0.14BBCMS Trust 2015-MSQ 3.593% 15/9/2032 '144A' 14,000,000 USD 14,419,888 15,123,164 0.31BWAY 2015-1740 Mortgage Trust 2.917% 13/1/2035 '144A' 15,000,000 USD 14,965,048 15,244,407 0.31California Republic Auto Receivables Trust 2015-4 2.04% 15/1/2020 '144A' 15,500,000 USD 15,525,424 15,646,332 0.32CarMax Auto Owner Trust 2016-2 1.52% 16/2/2021 '2016 2 A3' 14,655,000 USD 14,654,204 14,737,864 0.30Chrysler Capital Auto Receivables Trust 2015-A 1.22% 15/7/2019 '144A' 25,000,000 USD 24,997,610 25,031,825 0.52Chrysler Capital Auto Receivables Trust 2015-B 1.91% 16/3/2020 '144A' 14,458,000 USD 14,456,068 14,524,025 0.30Citibank Credit Card Issuance Trust FRN 24/7/2020 '2013 A4 A4' 7,641,000 USD 7,668,460 7,628,377 0.16Citibank Credit Card Issuance Trust 1.23% 24/4/2019 '2014 A4 A4' 9,186,000 USD 9,212,553 9,212,486 0.19Citigroup Commercial Mortgage Trust 2004-C2 FRN 15/10/2041 '2004 C2 B' 135,328 USD 131,115 135,274 0.00COBALT CMBS Commercial Mortgage Trust 2007-C3 FRN 15/5/2046 '2007 C3 A4' 851,373 USD 791,284 877,564 0.02COMM 2014-CCRE21 Mortgage Trust 3.528% 10/12/2047 '2014 CR21 A3' 10,315,000 USD 10,624,966 11,148,415 0.23DBUBS 2011-LC1 Mortgage Trust 3.742% 10/11/2046 '144A' 117,797 USD 119,764 118,533 0.00Dell Equipment Finance Trust 2014-1 1.36% 22/6/2020 '144A' 782,005 USD 781,952 781,444 0.02Dell Equipment Finance Trust 2015-1 1.3% 23/3/2020 '144A' 4,980,000 USD 4,979,660 4,979,167 0.10Dell Equipment Finance Trust 2015-1 1.81% 23/3/2020 '144A' 3,725,000 USD 3,725,015 3,728,335 0.08Ford Credit Auto Owner Trust 2014-C 1.97% 15/4/2020 '2014 C B' 5,263,000 USD 5,262,199 5,323,298 0.11Ford Credit Floorplan Master Owner Trust A 1.2% 15/2/2019 '2014 1 A1' 11,822,000 USD 11,821,458 11,851,721 0.24

183




% net assets



Ford Credit Floorplan Master Owner Trust A 1.42% 15/1/2020 '2015 1 A1' 37,138,000 USD 37,132,083 37,200,997 0.76GM Financial Automobile Leasing Trust 1.62% 20/9/2019 '2016 2 A3' 13,990,000 USD 13,988,622 14,016,799 0.29GreatAmerica Leasing Receivables Funding LLC Series2015-1 2.02% 21/6/2021 '144A' 3,175,000 USD 3,174,720 3,206,588 0.07GS Mortgage Securities Trust 2011-GC3 4.753% 10/3/2044 '144A' 5,472,852 USD 5,522,247 6,046,149 0.12GS Mortgage Securities Trust 2012-GCJ7 4.085% 10/5/2045'2012 GCJ7 AS' 7,857,000 USD 7,994,288 8,547,661 0.18Houston Galleria Mall Trust 2015-HGLR 3.087% 5/3/2037 '144A' 17,000,000 USD 17,160,082 17,683,288 0.36Marriott Vacation Club Owner Trust 2012-1 2.51% 20/5/2030 '144A' 4,360,202 USD 4,359,596 4,387,414 0.09MMCA Auto Owner Trust 2014-A 1.21% 16/12/2019 '144A' 4,820,069 USD 4,819,706 4,818,258 0.10Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 3.652% 15/3/2048 '2015 C21 AS' 1,324,000 USD 1,362,005 1,404,466 0.03Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 3.451% 15/7/2050 '2015 C23 A3' 10,000,000 USD 10,099,347 10,781,366 0.22Morgan Stanley Re-REMIC Trust 2009-GG10 FRN 12/8/2045 '144A' 4,105,754 USD 3,481,862 4,179,219 0.09MVW Owner Trust 2013-1 2.15% 22/4/2030 '144A' 3,179,717 USD 3,179,619 3,155,066 0.06Nissan Auto Receivables 2016-B Owner Trust 1.32% 15/1/2021'2016 B A3' 15,666,000 USD 15,663,570 15,772,001 0.32Sierra Timeshare 2012-2 Receivables Funding LLC 2.38% 20/3/2029 '144A' 1,405,974 USD 1,405,804 1,407,044 0.03SunTrust Auto Receivables Trust 2015-1 1.42% 16/9/2019 '144A' 9,000,000 USD 8,938,828 9,020,013 0.19Toyota Auto Receivables Owner Trust 1.02% 15/10/2018 '2016 B A2A' 28,739,000 USD 28,738,476 28,767,164 0.59Volvo Financial Equipment LLC 1.51% 17/6/2019 '144A' 13,682,000 USD 13,680,698 13,700,096 0.28Volvo Financial Equipment LLC Series 2014-1 0.82% 16/4/2018 '144A' 5,192,054 USD 5,191,581 5,182,325 0.11Wells Fargo Commercial Mortgage Trust 2015-NXS4 3.452% 15/12/2048 '2015 NXS4 A3' 6,000,000 USD 6,059,964 6,427,962 0.13Wells Fargo Commercial Mortgage Trust 2015-NXS4 3.718% 15/12/2048 '2015 NXS4 A4' 7,000,000 USD 7,209,839 7,641,711 0.16WFRBS Commercial Mortgage Trust 3.311% 15/3/2045 '2013 C11 AS' 6,800,000 USD 6,982,266 7,150,486 0.15

404,081,987 410,957,194 8.94




Total Net Assets 4,857,850,350 100.00

184




% net assets



BONDS

Australia Commonwealth Bank of Australia/New York NY 2.25% 13/3/2019 2,000,000 USD 1,999,946 2,039,602 0.85Commonwealth Bank of Australia/New York NY 2.3% 6/9/2019 1,000,000 USD 998,778 1,022,775 0.42National Australia Bank Ltd 2.25% 1/7/2019 '144A' 2,000,000 USD 1,998,935 2,034,260 0.84Scentre Group Trust 1 / Scentre Group Trust 2 3.25% 28/10/2025 '144A' 1,500,000 USD 1,496,009 1,515,986 0.63Scentre Group Trust 1 / Scentre Group Trust 2 3.5% 12/2/2025 '144A' 1,000,000 USD 991,260 1,031,704 0.43

7,484,928 7,644,327 3.17

Canada Bank of Nova Scotia 2.55% 12/1/2017 1,000,000 USD 999,786 1,008,149 0.42Royal Bank of Canada 2.3% 22/3/2021 2,000,000 USD 1,998,682 2,054,314 0.85Toronto-Dominion Bank 2.125% 7/4/2021 'MTN' 2,070,000 USD 2,066,653 2,102,582 0.87Toronto-Dominion Bank 2.375% 19/10/2016 499,000 USD 499,088 501,345 0.21

5,564,209 5,666,390 2.35

France Banque Federative du Credit Mutuel SA 2.5% 13/4/2021 '144A' 2,700,000 USD 2,694,823 2,760,647 1.14BNP Paribas SA 2.375% 21/5/2020 686,000 USD 684,606 696,721 0.29Electricite de France SA 5.6% 27/1/2040 '144A' 500,000 USD 496,560 589,522 0.24Engie SA 1.625% 10/10/2017 '144A' 551,000 USD 550,091 553,185 0.23Societe Generale SA 2.5% 8/4/2021 '144A' 1,358,000 USD 1,357,030 1,380,688 0.57Total Capital International SA 2.7% 25/1/2023 1,000,000 USD 998,645 1,029,399 0.43Total Capital International SA 3.75% 10/4/2024 1,000,000 USD 994,303 1,099,407 0.46

7,776,058 8,109,569 3.36

Germany KFW 1.5% 20/4/2020 2,000,000 USD 1,994,187 2,028,960 0.84KFW 1.875% 30/11/2020 615,000 USD 613,871 632,080 0.26

2,608,058 2,661,040 1.10

International Inter-American Development Bank 1% 13/5/2019 1,297,000 USD 1,293,401 1,300,608 0.54International Bank for Reconstruction & Development 1% 5/10/2018 2,000,000 USD 1,997,444 2,007,610 0.83

3,290,845 3,308,218 1.37

Ireland GE Capital International Funding Co Unlimited Co 4.418% 15/11/2035 '144A' 2,192,000 USD 2,106,329 2,461,316 1.02

Japan Sumitomo Mitsui Banking Corp 1.8% 18/7/2017 500,000 USD 499,901 502,930 0.21

Netherlands ING Bank NV 2.05% 17/8/2018 '144A' 1,000,000 USD 999,569 1,013,347 0.42ING Bank NV 2.45% 16/3/2020 '144A' 500,000 USD 499,308 510,060 0.21ING Bank NV 2.7% 17/8/2020 '144A' 1,000,000 USD 999,424 1,031,555 0.43Shell International Finance BV 2.25% 10/11/2020 2,500,000 USD 2,488,052 2,570,347 1.06Shell International Finance BV 3.625% 21/8/2042 500,000 USD 499,845 482,893 0.20Shell International Finance BV 4% 10/5/2046 2,500,000 USD 2,455,176 2,577,474 1.06Shell International Finance BV 5.5% 25/3/2040 500,000 USD 492,483 616,360 0.26Siemens Financieringsmaatschappij NV 6.125% 17/8/2026 '144A' 500,000 USD 499,477 666,029 0.28

8,933,334 9,468,065 3.92

(expressed in USD)

US HIGH INVESTMENT GRADE BOND FUND

185




% net assets


US HIGH INVESTMENT GRADE BOND FUND (continued)

Norway Statoil ASA 2.65% 15/1/2024 1,500,000 USD 1,497,902 1,515,398 0.63Statoil ASA 3.15% 23/1/2022 395,000 USD 394,630 414,681 0.17Statoil ASA 3.7% 1/3/2024 1,000,000 USD 999,456 1,081,225 0.45

2,891,988 3,011,304 1.25

Sweden Nordea Bank AB 2.5% 17/9/2020 '144A' 1,500,000 USD 1,497,002 1,537,709 0.64Skandinaviska Enskilda Banken AB 2.375% 20/11/2018 '144A' 2,000,000 USD 1,999,152 2,039,982 0.85Svenska Handelsbanken AB 2.4% 1/10/2020 'GMTN' 2,000,000 USD 1,998,335 2,049,325 0.84Swedbank AB 1.75% 12/3/2018 '144A' 1,500,000 USD 1,497,872 1,508,852 0.63Swedbank AB 2.2% 4/3/2020 '144A' 2,000,000 USD 1,999,033 2,030,908 0.84Swedbank AB 2.375% 27/2/2019 '144A' 1,500,000 USD 1,498,654 1,531,011 0.63

10,490,048 10,697,787 4.43

Switzerland Credit Suisse AG/New York NY 1.75% 29/1/2018 2,000,000 USD 1,999,390 2,000,646 0.83Credit Suisse AG/New York NY 2.3% 28/5/2019 'GMTN' 2,429,000 USD 2,426,097 2,464,473 1.02

4,425,487 4,465,119 1.85

United Kingdom GlaxoSmithKline Capital Plc 2.85% 8/5/2022 735,000 USD 732,081 771,233 0.32HSBC Bank Plc 1.5% 15/5/2018 '144A' 500,000 USD 499,650 497,293 0.21HSBC Bank Plc 4.75% 19/1/2021 '144A' 200,000 USD 199,922 220,484 0.09HSBC Holdings Plc 4% 30/3/2022 686,000 USD 683,429 721,042 0.30HSBC Holdings Plc 5.1% 5/4/2021 250,000 USD 275,656 275,846 0.11Lloyds Bank Plc 2% 17/8/2018 1,000,000 USD 998,609 998,309 0.41Lloyds Bank Plc 2.05% 22/1/2019 2,000,000 USD 1,997,732 1,993,684 0.83Reckitt Benckiser Treasury Services Plc 2.125% 21/9/2018 '144A' 1,905,000 USD 1,899,432 1,920,773 0.80Santander UK Plc 1.65% 29/9/2017 1,000,000 USD 999,590 999,674 0.41Santander UK Plc 2% 24/8/2018 'GMTN' 2,000,000 USD 1,995,840 1,997,198 0.83Santander UK Plc 2.5% 14/3/2019 2,600,000 USD 2,595,921 2,626,247 1.08Santander UK Plc 3.05% 23/8/2018 1,245,000 USD 1,243,819 1,271,704 0.53

14,121,681 14,293,487 5.92

United States of America Alabama Power Co 6% 1/3/2039 70,000 USD 69,897 93,086 0.04American Honda Finance Corp 1.6% 16/2/2018 '144A' 1,500,000 USD 1,499,722 1,513,740 0.63American Honda Finance Corp 2.125% 28/2/2017 '144A' 250,000 USD 249,999 252,220 0.10American Honda Finance Corp 2.45% 24/9/2020 'MTN' 1,500,000 USD 1,499,175 1,558,250 0.65American Tower Trust I 1.551% 15/3/2043 '144A' 2,000,000 USD 2,000,000 2,003,798 0.83American Tower Trust I 3.07% 15/3/2048 '144A' 1,619,000 USD 1,619,000 1,663,954 0.69Apple Inc 2.1% 6/5/2019 2,000,000 USD 2,009,892 2,053,894 0.85Apple Inc 2.5% 9/2/2025 1,500,000 USD 1,498,182 1,521,728 0.63Apple Inc 4.65% 23/2/2046 2,700,000 USD 2,883,245 3,066,432 1.26Bank of America NA 1.25% 14/2/2017 'BKNT' 2,000,000 USD 1,999,632 2,002,252 0.83Bank of New York Mellon Corp 1.3% 25/1/2018 'MTN' 500,000 USD 499,786 501,549 0.21Bank of New York Mellon Corp 2.8% 4/5/2026 'MTN' 2,700,000 USD 2,690,585 2,793,416 1.16Berkshire Hathaway Finance Corp 4.3% 15/5/2043 1,250,000 USD 1,227,751 1,392,268 0.58Berkshire Hathaway Finance Corp 4.4% 15/5/2042 500,000 USD 521,448 562,074 0.23Berkshire Hathaway Inc 1.9% 31/1/2017 685,000 USD 684,996 689,546 0.29Berkshire Hathaway Inc 2.1% 14/8/2019 714,000 USD 713,960 735,168 0.30BMW US Capital LLC 2.8% 11/4/2026 '144A' 580,000 USD 579,609 594,905 0.25Boeing Co 2.85% 30/10/2024 1,000,000 USD 987,289 1,057,162 0.44Burlington Northern and Santa Fe Railway Co 2005-3 Pass Through Trust 4.83% 15/1/2023 522,221 USD 522,221 562,373 0.23Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust 5.72% 15/1/2024 1,123,239 USD 1,123,239 1,269,094 0.53Cargill Inc 1.9% 1/3/2017 '144A' 1,000,000 USD 999,743 1,006,587 0.42Cargill Inc 6% 27/11/2017 '144A' 1,228,000 USD 1,301,406 1,309,921 0.54Caterpillar Financial Services Corp 3.3% 9/6/2024 'MTN' 750,000 USD 748,294 801,323 0.33Chevron Corp 3.326% 17/11/2025 857,000 USD 857,000 916,983 0.38

186




% net assets



Cisco Systems Inc 4.95% 15/2/2019 1,500,000 USD 1,613,239 1,647,444 0.68Coca-Cola Co 2.875% 27/10/2025 2,500,000 USD 2,496,391 2,634,900 1.09Colgate-Palmolive Co 4% 15/8/2045 'MTN' 2,000,000 USD 1,995,266 2,308,120 0.96DTE Electric Co 2.65% 15/6/2022 636,000 USD 635,407 662,970 0.27DTE Electric Co 3.375% 1/3/2025 2,000,000 USD 1,997,744 2,177,224 0.90Duke Energy Carolinas LLC 4% 30/9/2042 500,000 USD 496,519 540,385 0.22Duke Energy Indiana LLC 4.2% 15/3/2042 500,000 USD 499,202 548,836 0.23Duke Energy Progress LLC 3% 15/9/2021 600,000 USD 599,461 640,414 0.27Duke Energy Progress LLC 4.1% 15/3/2043 435,000 USD 432,155 477,094 0.20Duke Energy Progress LLC 4.2% 15/8/2045 1,000,000 USD 995,080 1,124,572 0.47Duke Energy Progress LLC 4.375% 30/3/2044 1,000,000 USD 999,816 1,148,689 0.48Exxon Mobil Corp 2.709% 6/3/2025 1,000,000 USD 1,000,000 1,044,819 0.43FMR LLC 4.95% 1/2/2033 '144A' 270,000 USD 269,720 300,813 0.12Franklin Resources Inc 1.375% 15/9/2017 476,000 USD 475,370 477,863 0.20General Electric Co 2.1% 11/12/2019 331,000 USD 330,872 341,229 0.14General Electric Co 2.7% 9/10/2022 882,000 USD 881,244 920,063 0.38General Electric Co 4.125% 9/10/2042 500,000 USD 490,069 550,409 0.23General Electric Co 5.25% 6/12/2017 1,500,000 USD 1,498,271 1,589,117 0.66General Electric Co 5.875% 14/1/2038 'MTN' 430,000 USD 493,110 579,333 0.24General Electric Co 6.875% 10/1/2039 'GMTN' 230,000 USD 309,295 349,384 0.14GlaxoSmithKline Capital Inc 2.8% 18/3/2023 1,000,000 USD 993,241 1,050,127 0.44GlaxoSmithKline Capital Inc 5.65% 15/5/2018 881,000 USD 880,901 955,681 0.40Health Care Service Corp 4.7% 15/1/2021 '144A' 910,000 USD 950,307 1,001,333 0.41Hershey Co 2.625% 1/5/2023 1,000,000 USD 998,215 1,035,379 0.43Home Depot Inc 3.35% 15/9/2025 356,000 USD 355,532 388,392 0.16Home Depot Inc 4.4% 15/3/2045 1,500,000 USD 1,669,617 1,744,554 0.72HSBC USA Inc 2.35% 5/3/2020 2,000,000 USD 1,998,563 1,991,192 0.82HSBC USA Inc 2.625% 24/9/2018 733,000 USD 732,439 744,021 0.31John Deere Capital Corp 1.4% 15/3/2017 'MTN' 1,000,000 USD 999,960 1,003,783 0.42John Deere Capital Corp 2.25% 17/4/2019 366,000 USD 365,607 375,898 0.16John Deere Capital Corp 2.55% 8/1/2021 2,500,000 USD 2,497,673 2,591,785 1.07John Deere Capital Corp 2.8% 4/3/2021 'MTN' 1,500,000 USD 1,498,741 1,575,002 0.65John Deere Capital Corp 3.4% 11/9/2025 'MTN' 577,000 USD 575,531 624,570 0.26Johnson & Johnson 3.7% 1/3/2046 2,600,000 USD 2,582,933 2,917,493 1.20Kaiser Foundation Hospitals 3.5% 1/4/2022 1,500,000 USD 1,493,036 1,613,238 0.67Massachusetts Institute of Technology 5.6% 1/7/2111 472,000 USD 470,119 675,234 0.28MassMutual Global Funding II 2.5% 17/10/2022 '144A' 1,010,000 USD 1,005,271 1,024,375 0.42MasterCard Inc 3.375% 1/4/2024 2,000,000 USD 1,993,359 2,175,412 0.90Merck & Co Inc 4.15% 18/5/2043 496,000 USD 494,642 551,551 0.23Metropolitan Life Global Funding I 1.5% 10/1/2018 '144A' 500,000 USD 499,203 502,680 0.21Metropolitan Life Global Funding I 3% 10/1/2023 '144A' 373,000 USD 372,875 382,733 0.16Metropolitan Life Global Funding I 3.65% 14/6/2018 '144A' 800,000 USD 799,727 835,632 0.35Microsoft Corp 1.85% 12/2/2020 1,500,000 USD 1,518,651 1,532,996 0.64Microsoft Corp 2.7% 12/2/2025 500,000 USD 499,101 517,467 0.21Microsoft Corp 3.5% 12/2/2035 500,000 USD 494,649 517,246 0.21Microsoft Corp 3.75% 12/2/2045 500,000 USD 497,362 508,623 0.21Microsoft Corp 4.75% 3/11/2055 1,250,000 USD 1,245,415 1,420,051 0.59MidAmerican Energy Co 3.5% 15/10/2024 417,000 USD 415,396 456,303 0.19MidAmerican Energy Co 4.4% 15/10/2044 1,000,000 USD 994,433 1,161,890 0.48National Rural Utilities Cooperative Finance Corp 2.35% 15/6/2020 926,000 USD 925,260 955,710 0.40New York Life Global Funding 1.65% 15/5/2017 '144A' 1,500,000 USD 1,499,555 1,510,709 0.63New York Life Global Funding 2% 13/4/2021 '144A' 668,000 USD 667,063 676,742 0.28NIKE Inc 3.875% 1/11/2045 2,500,000 USD 2,477,274 2,774,762 1.15Northern States Power Co/MN 4.85% 15/8/2040 200,000 USD 199,544 244,401 0.10Northern States Power Co/WI 3.7% 1/10/2042 1,000,000 USD 992,795 1,049,125 0.43Novartis Capital Corp 4% 20/11/2045 2,500,000 USD 2,451,737 2,860,547 1.19Oracle Corp 1.2% 15/10/2017 750,000 USD 749,663 752,081 0.31Oracle Corp 4% 15/7/2046 2,500,000 USD 2,499,550 2,499,550 1.04PepsiCo Inc 4.45% 14/4/2046 1,300,000 USD 1,374,401 1,511,758 0.63Philip Morris International Inc 2.75% 25/2/2026 2,500,000 USD 2,480,601 2,582,790 1.07Philip Morris International Inc 3.375% 11/8/2025 2,000,000 USD 1,982,313 2,165,326 0.90Philip Morris International Inc 4.25% 10/11/2044 2,600,000 USD 2,775,155 2,870,352 1.19Philip Morris International Inc 5.65% 16/5/2018 750,000 USD 749,628 815,023 0.34

187




% net assets



PNC Bank NA 1.125% 27/1/2017 'BKNT' 2,000,000 USD 1,999,436 2,002,506 0.83PNC Bank NA 2.2% 28/1/2019 'BKNT' 2,000,000 USD 1,997,961 2,039,598 0.84Praxair Inc 1.25% 7/11/2018 500,000 USD 499,910 501,196 0.21Procter & Gamble Co 5.55% 5/3/2037 1,500,000 USD 1,788,766 2,089,415 0.87Public Service Electric & Gas Co 3.75% 15/3/2024 580,000 USD 579,960 642,744 0.27Roche Holdings Inc 2.625% 15/5/2026 '144A' 2,600,000 USD 2,574,992 2,692,563 1.12San Diego Gas & Electric Co 4.3% 1/4/2042 200,000 USD 199,106 231,238 0.10San Diego Gas & Electric Co 6% 1/6/2026 500,000 USD 498,895 656,047 0.27State Street Corp 3.7% 20/11/2023 1,000,000 USD 998,229 1,094,725 0.45Toyota Motor Credit Corp 1.25% 5/10/2017 'MTN' 750,000 USD 749,891 752,967 0.31Toyota Motor Credit Corp 2% 24/10/2018 'MTN' 1,000,000 USD 999,888 1,018,816 0.42Toyota Motor Credit Corp 2.05% 12/1/2017 'MTN' 500,000 USD 499,911 503,383 0.21Union Pacific Railroad Co 2005 Pass Through Trust 5.082% 2/1/2029 751,884 USD 751,884 838,162 0.35United Parcel Service Inc 3.625% 1/10/2042 100,000 USD 90,345 106,269 0.04University of California 4.858% 15/5/2112 500,000 USD 500,000 567,905 0.24US Bancorp 2.2% 15/11/2016 'MTN' 1,000,000 USD 999,809 1,003,572 0.42US Bancorp 2.35% 29/1/2021 'MTN' 2,000,000 USD 1,999,744 2,060,418 0.85USAA Capital Corp 2.125% 3/6/2019 '144A' 2,500,000 USD 2,499,929 2,562,203 1.06USAA Capital Corp 2.25% 13/12/2016 '144A' 750,000 USD 749,880 754,670 0.31Visa Inc 4.3% 14/12/2045 1,917,000 USD 1,913,858 2,226,755 0.92Volkswagen Group of America Finance LLC 1.25% 23/5/2017 '144A' 1,000,000 USD 980,837 998,578 0.41Walt Disney Co 3.15% 17/9/2025 'GMTN' 1,212,000 USD 1,209,344 1,334,525 0.55Walt Disney Co 4.125% 1/6/2044 'GMTN' 3,500,000 USD 3,530,416 4,006,698 1.65Wells Fargo & Co 1.5% 16/1/2018 'GMTN' 1,000,000 USD 1,000,784 1,004,365 0.42Wells Fargo & Co 2.5% 4/3/2021 2,600,000 USD 2,599,442 2,665,918 1.10Wells Fargo & Co 2.625% 15/12/2016 500,000 USD 499,883 503,622 0.21Wells Fargo & Co 3% 22/4/2026 2,700,000 USD 2,690,925 2,753,491 1.14Wells Fargo & Co 3.3% 9/9/2024 'MTN' 1,500,000 USD 1,496,688 1,574,883 0.65Wells Fargo & Co 3.55% 29/9/2025 'MTN' 1,500,000 USD 1,497,578 1,596,051 0.66Wells Fargo Bank NA 1.75% 24/5/2019 2,000,000 USD 1,999,168 2,025,316 0.84Wells Fargo Bank NA 6.6% 15/1/2038 'BKNT' 1,000,000 USD 1,417,292 1,371,945 0.57Wyeth LLC 5.95% 1/4/2037 1,000,000 USD 1,041,425 1,328,422 0.55

141,867,516 150,637,884 62.41

Total Bonds 212,060,382 222,927,436 92.36

SECURITISED ASSETS

United States of America Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 '144A' 105,000 USD 104,270 105,324 0.04Ascentium Equipment Receivables 2015-2 LLC 1.57% 11/12/2017 '144A' 1,875,000 USD 1,874,864 1,874,818 0.78Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 '144A' 282,000 USD 281,994 282,448 0.12Ascentium Equipment Receivables 2016-1 Trust 1.92% 10/12/2019 '144A' 135,000 USD 134,989 135,281 0.06BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 '144A' 428,000 USD 440,816 442,353 0.18BWAY 2015-1740 Mortgage Trust 2.917% 13/1/2035 '144A' 1,500,000 USD 1,496,506 1,524,441 0.63California Republic Auto Receivables Trust 2014-2 1.57% 16/12/2019 '2014 2 A4' 1,500,000 USD 1,499,915 1,504,087 0.62California Republic Auto Receivables Trust 2014-3 1.79% 16/3/2020 '2014 3 A4' 875,000 USD 874,885 880,128 0.36Dell Equipment Finance Trust 2014-1 1.36% 22/6/2020 '144A' 96,069 USD 96,062 96,000 0.04Dell Equipment Finance Trust 2015-1 1.3% 23/3/2020 '144A' 253,000 USD 252,983 252,958 0.10Dell Equipment Finance Trust 2015-1 1.81% 23/3/2020 '144A' 187,000 USD 186,978 187,167 0.08Ford Credit Auto Owner Trust 2014-A 1.9% 15/9/2019 '2014 A C' 110,000 USD 109,986 110,693 0.05Ford Credit Auto Owner Trust 2015-B 2.21% 15/1/2021 '2015 B C' 206,000 USD 205,932 208,026 0.09GM Financial Automobile Leasing Trust 1.62% 20/9/2019 '2016 2 A3' 768,000 USD 767,924 769,471 0.32GreatAmerica Leasing Receivables 1.47% 15/8/2020 '144A' 217,000 USD 216,971 216,730 0.09

188




% net assets



GreatAmerica Leasing Receivables Funding LLC Series 2016-1 1.57% 21/5/2018 '144A' 2,427,000 USD 2,426,974 2,433,491 1.01GS Mortgage Securities Corp II 3.382% 10/5/2050 '2015 GC30 A4' 2,000,000 USD 2,059,963 2,141,743 0.89Houston Galleria Mall Trust 2015-HGLR 3.087% 5/3/2037 '144A' 2,500,000 USD 2,523,541 2,600,483 1.07Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 3.652% 15/3/2048 '2015 C21 AS' 100,000 USD 102,870 106,077 0.04Sierra Timeshare 2012-2 Receivables Funding LLC 2.38% 20/3/2029 '144A' 82,696 USD 82,686 82,759 0.03Volvo Financial Equipment LLC Series 2014-1 0.82% 16/4/2018 '144A' 189,916 USD 189,898 189,560 0.08

15,931,007 16,144,038 6.68





189




% net assets



MUTUAL FUNDS



BONDS

Australia FMG Resources August 2006 Pty Ltd 6.875% 1/4/2022 '144A' 21,500,000 USD 21,426,209 20,450,800 1.22

Austria JBS Investments GmbH 7.25% 3/4/2024 '144A' 8,715,000 USD 8,715,000 8,976,450 0.54JBS Investments GmbH 7.75% 28/10/2020 '144A' 3,896,000 USD 3,896,000 4,100,540 0.24

12,611,000 13,076,990 0.78

Barbados Columbus International Inc 7.375% 30/3/2021 '144A' 1,991,000 USD 1,991,000 2,100,505 0.13

Bermuda Aircastle Ltd 4.625% 15/12/2018 2,660,000 USD 2,660,000 2,746,450 0.16Aircastle Ltd 5% 1/4/2023 831,000 USD 831,000 840,868 0.05Aircastle Ltd 5.5% 15/2/2022 1,542,000 USD 1,542,000 1,611,390 0.10Aircastle Ltd 6.25% 1/12/2019 2,128,000 USD 2,128,000 2,298,240 0.14Kosmos Energy Ltd 7.875% 1/8/2021 '144A' 3,000,000 USD 2,806,710 2,895,000 0.17Weatherford International Ltd 8.25% 15/6/2023 5,000,000 USD 4,980,125 4,712,500 0.28

14,947,835 15,104,448 0.90

Canada Bombardier Inc 6% 15/10/2022 '144A' 8,459,000 USD 8,459,000 7,285,314 0.44Bombardier Inc 7.45% 1/5/2034 '144A' 667,000 USD 652,970 526,930 0.03Bombardier Inc 7.5% 15/3/2025 '144A' 6,349,000 USD 5,890,355 5,523,630 0.33Bombardier Inc 7.75% 15/3/2020 '144A' 3,000,000 USD 3,209,651 2,932,500 0.18Cenovus Energy Inc 4.45% 15/9/2042 4,286,000 USD 2,487,929 3,316,357 0.20GFL Environmental Inc 9.875% 1/2/2021 '144A' 2,429,000 USD 2,504,477 2,611,175 0.16Ithaca Energy Inc 8.125% 1/7/2019 '144A' 12,602,000 USD 12,184,165 11,089,759 0.65MDC Partners Inc 6.5% 1/5/2024 '144A' 5,114,000 USD 5,114,000 5,037,290 0.30Seven Generations Energy Ltd 6.75% 1/5/2023 '144A' 1,000,000 USD 1,000,000 1,002,500 0.06Teck Resources Ltd 3.75% 1/2/2023 3,500,000 USD 2,552,071 2,651,250 0.16Teck Resources Ltd 4.5% 15/1/2021 3,500,000 USD 2,991,301 3,062,500 0.18Teck Resources Ltd 8% 1/6/2021 '144A' 469,000 USD 469,000 481,898 0.03Teck Resources Ltd 8.5% 1/6/2024 '144A' 499,000 USD 499,000 515,218 0.03Valeant Pharmaceuticals International Inc 5.625% 1/12/2021 '144A' 9,183,000 USD 8,583,925 7,530,060 0.45Valeant Pharmaceuticals International Inc 5.875% 15/5/2023 '144A' 9,944,000 USD 9,588,817 8,004,920 0.48Valeant Pharmaceuticals International Inc 6.125% 15/4/2025 '144A' 4,718,000 USD 4,783,757 3,803,888 0.23Valeant Pharmaceuticals International Inc 7.5% 15/7/2021 '144A' 12,288,000 USD 12,813,743 10,778,910 0.64

83,784,161 76,154,099 4.55

Cayman Islands Noble Holding International Ltd 3.95% 15/3/2022 1,852,000 USD 1,168,498 1,289,455 0.08Noble Holding International Ltd 6.95% 1/4/2025 2,148,000 USD 1,422,570 1,696,920 0.10Sable International Finance Ltd 6.875% 1/8/2022 '144A' 2,000,000 USD 1,976,189 1,990,600 0.12Transocean Inc 7.5% 15/4/2031 5,000,000 USD 4,233,426 3,212,500 0.19Transocean Inc 8.125% 15/12/2021 4,628,000 USD 4,196,331 3,899,090 0.23

12,997,014 12,088,565 0.72

(expressed in USD)

US HIGH YIELD BOND FUND

190




% net assets


US HIGH YIELD BOND FUND (continued)

France BNP Paribas SA FRN Perpetual '144A' 3,714,000 USD 3,714,000 3,672,218 0.22Numericable-SFR SA 7.375% 1/5/2026 '144A' 7,769,000 USD 7,838,888 7,633,042 0.46

11,552,888 11,305,260 0.68

Germany Fresenius Medical Care US Finance II Inc 4.125% 15/10/2020 '144A' 1,683,000 USD 1,683,000 1,729,283 0.10Fresenius Medical Care US Finance II Inc 4.75% 15/10/2024 '144A' 1,143,000 USD 1,143,000 1,174,433 0.07Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5% 15/1/2025 '144A' 10,136,000 USD 10,136,000 10,021,969 0.60

12,962,000 12,925,685 0.77

Ireland AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 3.75% 15/5/2019 5,000,000 USD 5,000,000 5,050,000 0.30AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 3.95% 1/2/2022 3,685,000 USD 3,678,251 3,675,788 0.22AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.5% 15/5/2021 2,145,000 USD 2,145,000 2,186,828 0.13Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc FRN 15/12/2019 '144A' 5,000,000 USD 5,000,000 5,018,750 0.30Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 4.625% 15/5/2023 '144A' 3,344,000 USD 3,344,000 3,298,020 0.20Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 7.25% 15/5/2024 '144A' 5,274,000 USD 5,274,000 5,392,664 0.32Grifols Worldwide Operations Ltd 5.25% 1/4/2022 3,459,000 USD 3,499,142 3,520,951 0.21Perrigo Finance Unlimited Co 3.5% 15/3/2021 1,038,000 USD 1,037,104 1,073,982 0.06Perrigo Finance Unlimited Co 4.375% 15/3/2026 797,000 USD 795,077 832,438 0.05

29,772,574 30,049,421 1.79

Italy Enel SpA FRN 24/9/2073 '144A' 6,882,000 USD 6,828,377 7,845,480 0.47

Liberia Royal Caribbean Cruises Ltd 5.25% 15/11/2022 1,308,000 USD 1,308,000 1,375,035 0.08

Luxembourg Altice Financing SA 6.5% 15/1/2022 '144A' 4,000,000 USD 4,151,279 4,010,000 0.24Altice Financing SA 6.625% 15/2/2023 '144A' 11,000,000 USD 11,060,038 10,779,999 0.64Altice Financing SA 7.5% 15/5/2026 '144A' 5,000,000 USD 5,000,000 4,875,000 0.29Altice Luxembourg SA 7.75% 15/5/2022 '144A' 7,204,000 USD 7,300,171 7,258,030 0.43ArcelorMittal 6.125% 1/6/2025 3,000,000 USD 2,955,867 2,983,500 0.18ArcelorMittal 7.25% 25/2/2022 1,895,000 USD 1,580,838 1,980,275 0.12Atento Luxco 1 SA 7.375% 29/1/2020 '144A' 3,182,000 USD 3,182,000 3,086,540 0.18Capsugel SA 7% 15/5/2019 '144A' 5,876,000 USD 5,906,199 5,898,035 0.35Coveris Holdings SA 7.875% 1/11/2019 '144A' 9,682,000 USD 9,754,418 9,403,643 0.56DH Services Luxembourg Sarl 7.75% 15/12/2020 '144A' 1,423,000 USD 1,423,000 1,490,593 0.09Intelsat Jackson Holdings SA 5.5% 1/8/2023 2,174,000 USD 2,151,204 1,342,445 0.08Intelsat Luxembourg SA 7.75% 1/6/2021 6,146,000 USD 6,434,792 1,475,040 0.09Nielsen Co Luxembourg SARL/The 5.5% 1/10/2021 '144A' 3,223,000 USD 3,223,000 3,323,719 0.20Stena International SA 5.75% 1/3/2024 '144A' 7,500,000 USD 7,500,000 6,150,000 0.37

71,622,806 64,056,819 3.82

Malta VistaJet Malta Finance Plc / VistaJet Co Finance LLC 7.75% 1/6/2020 '144A' 9,500,000 USD 8,185,706 4,227,500 0.25

Mexico Cemex SAB de CV 5.7% 11/1/2025 '144A' 11,719,000 USD 11,719,000 11,191,645 0.67

191




% net assets



Netherlands JLL/Delta Dutch Pledgeco BV 8.75% 1/5/2020 '144A' 4,000,000 USD 4,000,000 3,950,000 0.24NXP BV / NXP Funding LLC 4.125% 1/6/2021 '144A' 1,731,000 USD 1,731,000 1,756,965 0.10NXP BV / NXP Funding LLC 4.625% 1/6/2023 '144A' 1,217,000 USD 1,217,000 1,233,734 0.07NXP BV / NXP Funding LLC 5.75% 15/3/2023 '144A' 2,268,000 USD 2,354,731 2,364,390 0.14Schaeffler Finance BV 4.25% 15/5/2021 '144A' 10,769,000 USD 10,713,133 10,876,690 0.66Sensata Technologies BV 5.625% 1/11/2024 '144A' 1,363,000 USD 1,363,000 1,403,890 0.08Ziggo Bond Finance BV 5.875% 15/1/2025 '144A' 2,248,000 USD 2,248,000 2,158,080 0.13

23,626,864 23,743,749 1.42

Singapore Flextronics International Ltd 4.625% 15/2/2020 5,000,000 USD 5,000,000 5,175,000 0.31

Sweden Stena AB 7% 1/2/2024 '144A' 4,659,000 USD 4,659,000 3,727,200 0.22

United Kingdom Anglo American Capital Plc 4.125% 27/9/2022 '144A' 1,533,000 USD 1,432,538 1,433,355 0.09Anglo American Capital Plc 4.875% 14/5/2025 '144A' 3,467,000 USD 3,176,492 3,293,650 0.20EnQuest Plc 7% 15/4/2022 '144A' 15,676,000 USD 15,676,000 9,405,601 0.55Ensco Plc 4.5% 1/10/2024 1,485,000 USD 839,101 994,950 0.06Ensco Plc 4.7% 15/3/2021 2,471,000 USD 1,781,637 2,053,203 0.12Ensco Plc 5.2% 15/3/2025 8,294,000 USD 4,902,501 5,681,390 0.34Inmarsat Finance Plc 4.875% 15/5/2022 '144A' 3,771,000 USD 3,748,559 3,429,253 0.20International Game Technology Plc 6.25% 15/2/2022 '144A' 3,543,000 USD 3,545,946 3,613,151 0.22Royal Bank of Scotland Group Plc FRN Perpetual 9,317,000 USD 9,289,693 8,478,470 0.51Royal Bank of Scotland Group Plc 5.125% 28/5/2024 5,971,000 USD 5,933,897 5,822,818 0.35Royal Bank of Scotland Group Plc 6.125% 15/12/2022 1,165,000 USD 1,238,161 1,213,480 0.07

51,564,525 45,419,321 2.71

United States of America 24 Hour Holdings III LLC 8% 1/6/2022 '144A' 7,389,000 USD 7,389,000 5,597,168 0.33Acadia Healthcare Co Inc 6.5% 1/3/2024 '144A' 116,000 USD 116,000 117,740 0.01AECOM 5.75% 15/10/2022 2,044,000 USD 2,044,000 2,084,880 0.12AECOM 5.875% 15/10/2024 5,155,000 USD 5,155,000 5,270,988 0.31AES Corp/VA 5.5% 15/4/2025 3,000,000 USD 2,975,219 2,977,500 0.18Ally Financial Inc 4.125% 30/3/2020 3,000,000 USD 3,014,236 2,985,000 0.18Ally Financial Inc 4.25% 15/4/2021 2,000,000 USD 1,989,351 1,980,000 0.12Ally Financial Inc 5.5% 15/2/2017 10,000,000 USD 10,096,070 10,169,289 0.61Ally Financial Inc 5.75% 20/11/2025 8,000,000 USD 7,869,467 7,960,000 0.48Altice US Finance I Corp 5.5% 15/5/2026 '144A' 7,000,000 USD 7,000,000 6,982,500 0.42AMC Entertainment Inc 5.75% 15/6/2025 9,000,000 USD 9,000,000 8,865,000 0.53American Airlines 2013-2 Class B Pass Through Trust 5.6% 15/7/2020 '144A' 9,428,464 USD 9,428,464 9,734,888 0.58American Energy - Woodford LLC/AEW Finance Corp 9% 15/9/2022 '144A' 5,000,000 USD 4,841,085 1,250,000 0.07American Energy - Woodford LLC/AEW Finance Corp 12% 30/12/2020 '144A' 56,286 USD 39,622 41,933 0.00Ancestry.com Holdings LLC 9.625% 15/10/2018 '144A' 2,248,000 USD 2,245,759 2,284,530 0.14Antero Resources Corp 5.125% 1/12/2022 2,000,000 USD 1,790,828 1,890,000 0.11Antero Resources Corp 5.375% 1/11/2021 6,370,000 USD 5,722,990 6,226,675 0.37Apex Tool Group LLC 7% 1/2/2021 '144A' 5,000,000 USD 4,897,868 4,312,500 0.26Aramark Services Inc 4.75% 1/6/2026 '144A' 3,048,000 USD 3,048,000 2,994,660 0.18Aramark Services Inc 5.125% 15/1/2024 713,000 USD 713,000 724,586 0.04Argos Merger Sub Inc 7.125% 15/3/2023 '144A' 3,286,000 USD 3,324,633 3,368,150 0.20AT&T Inc 3.4% 15/5/2025 6,957,000 USD 6,938,834 7,115,522 0.42Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp 9.25% 15/8/2021 12,054,000 USD 12,000,078 1,567,020 0.09Bank of America Corp FRN Perpetual 624,000 USD 624,000 632,580 0.04Bank of America Corp FRN Perpetual Series K 8,000,000 USD 8,084,162 7,910,000 0.47Beazer Homes USA Inc 7.5% 15/9/2021 10,383,000 USD 10,283,968 8,981,295 0.54Berry Plastics Corp 5.125% 15/7/2023 4,000,000 USD 4,000,000 3,990,000 0.24BI-LO LLC / BI-LO Finance Corp 8.625% 15/9/2018 '144A' 5,667,000 USD 5,641,914 3,740,220 0.22

192




% net assets



California Resources Corp 8% 15/12/2022 '144A' 11,066,000 USD 5,564,777 7,884,525 0.47Calpine Corp 5.75% 15/1/2025 3,000,000 USD 3,039,506 2,906,250 0.17Calumet Specialty Products Partners LP / Calumet Finance Corp 6.5% 15/4/2021 13,650,000 USD 13,672,828 9,691,499 0.58Calumet Specialty Products Partners LP / Calumet Finance Corp 7.625% 15/1/2022 4,324,000 USD 4,279,689 3,037,610 0.18Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 '144A' 8,634,000 USD 8,491,172 9,626,909 0.57Carrizo Oil & Gas Inc 6.25% 15/4/2023 3,209,000 USD 2,833,048 3,096,685 0.18CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 1/5/2023 '144A' 8,126,000 USD 8,126,000 8,171,709 0.49CCO Holdings LLC / CCO Holdings Capital Corp 5.25% 30/9/2022 4,000,000 USD 4,016,738 4,100,000 0.24CCO Holdings LLC / CCO Holdings Capital Corp 5.75% 15/2/2026 '144A' 3,000,000 USD 3,125,047 3,075,000 0.18CCO Holdings LLC / CCO Holdings Capital Corp 5.875% 1/5/2027 '144A' 5,400,000 USD 5,400,000 5,487,750 0.33CDW LLC / CDW Finance Corp 5% 1/9/2023 4,000,000 USD 4,000,000 4,010,000 0.24Centene Corp 4.75% 15/5/2022 8,126,000 USD 8,178,050 8,217,418 0.49Centene Corp 6.125% 15/2/2024 '144A' 2,404,000 USD 2,427,215 2,542,230 0.15Century Intermediate Holding Co 2 9.75% 15/2/2019 '144A' 6,597,000 USD 6,562,486 6,695,955 0.40CenturyLink Inc 5.625% 1/4/2020 4,000,000 USD 4,174,699 4,130,000 0.25CenturyLink Inc 6.45% 15/6/2021 1,000,000 USD 1,055,552 1,012,500 0.06CenturyLink Inc 7.5% 1/4/2024 1,187,000 USD 1,187,000 1,187,000 0.07Chaparral Energy Inc 7.625% 15/11/2022 (Defaulted) 14,250,000 USD 12,948,607 8,407,500 0.50Chaparral Energy Inc 8.25% 1/9/2021 (Defaulted) 2,000,000 USD 2,139,204 1,200,000 0.07Chaparral Energy Inc 9.875% 1/10/2020 (Defaulted) 500,000 USD 207,426 295,000 0.02Charter Communications Operating LLC / Charter Communications Operating Capital 4.464% 23/7/2022 '144A' 5,000,000 USD 5,000,000 5,375,835 0.32Cheniere Corpus Christi Holdings LLC 7% 30/6/2024 '144A' 1,167,000 USD 1,167,000 1,194,716 0.07Chesapeake Energy Corp 8% 15/12/2022 '144A' 8,596,000 USD 4,879,762 7,306,600 0.44Chinos Intermediate Holdings A Inc 7.75% 1/5/2019 '144A' 8,190,922 USD 8,199,295 2,743,959 0.16CHS/Community Health Systems Inc 6.875% 1/2/2022 3,000,000 USD 3,070,981 2,613,750 0.16CHS/Community Health Systems Inc 7.125% 15/7/2020 2,000,000 USD 2,044,526 1,860,000 0.11CHS/Community Health Systems Inc 8% 15/11/2019 5,088,000 USD 5,094,806 4,957,620 0.30Churchill Downs Inc 5.375% 15/12/2021 '144A' 3,843,000 USD 3,877,768 3,939,075 0.24Cincinnati Bell Inc 8.375% 15/10/2020 1,662,000 USD 1,733,593 1,711,860 0.10CIT Group Inc 3.875% 19/2/2019 11,464,000 USD 11,464,000 11,506,989 0.69CIT Group Inc 5% 15/8/2022 3,000,000 USD 3,106,783 3,030,000 0.18Citgo Holding Inc 10.75% 15/2/2020 '144A' 3,000,000 USD 3,007,124 3,030,000 0.18Citigroup Inc FRN Perpetual Series T 5,668,000 USD 5,668,000 5,802,615 0.35CNH Industrial Capital LLC 3.875% 16/7/2018 5,300,000 USD 5,287,339 5,260,250 0.31Cogent Communications Group Inc 5.375% 1/3/2022 '144A' 3,000,000 USD 3,000,000 3,000,000 0.18CommScope Holding Co Inc 6.625% 1/6/2020 '144A' 1,196,000 USD 1,196,000 1,234,870 0.07CommScope Inc 5% 15/6/2021 '144A' 4,546,000 USD 4,546,000 4,636,920 0.28CommScope Technologies Finance LLC 6% 15/6/2025 '144A' 6,278,000 USD 6,278,000 6,403,560 0.38Communications Sales & Leasing Inc / CSL Capital LLC 8.25% 15/10/2023 3,000,000 USD 2,924,177 3,011,250 0.18Community Choice Financial Inc 10.75% 1/5/2019 3,000,000 USD 3,000,000 1,170,000 0.07Constellation Brands Inc 4.25% 1/5/2023 693,000 USD 693,000 712,924 0.04Constellation Brands Inc 4.75% 15/11/2024 545,000 USD 545,000 568,844 0.03Constellation Brands Inc 4.75% 1/12/2025 1,562,000 USD 1,562,000 1,640,100 0.10Continental Airlines 2003-ERJ1 Pass Through Trust 7.875% 2/1/2020 101,364 USD 101,627 105,013 0.01Continental Resources Inc/OK 3.8% 1/6/2024 2,500,000 USD 1,617,255 2,206,250 0.13Continental Resources Inc/OK 4.5% 15/4/2023 8,500,000 USD 6,648,882 7,968,750 0.48Continental Resources Inc/OK 4.9% 1/6/2044 1,500,000 USD 1,058,683 1,237,500 0.07Crimson Merger Sub Inc 6.625% 15/5/2022 '144A' 9,000,000 USD 8,359,772 7,470,000 0.45DCP Midstream LLC FRN 21/5/2043 '144A' 6,721,000 USD 6,721,000 4,771,910 0.28Denbury Resources Inc 5.5% 1/5/2022 8,355,000 USD 6,052,339 5,681,400 0.34Diamond 1 Finance Corp / Diamond 2 Finance Corp 5.45% 15/6/2023 '144A' 6,908,000 USD 6,905,079 7,135,149 0.43Diamond 1 Finance Corp / Diamond 2 Finance Corp 5.875% 15/6/2021 '144A' 1,264,000 USD 1,264,000 1,287,556 0.08

193




% net assets



Diamond 1 Finance Corp / Diamond 2 Finance Corp 6.02% 15/6/2026 '144A' 3,000,000 USD 2,998,577 3,111,222 0.19Diamond 1 Finance Corp / Diamond 2 Finance Corp 7.125% 15/6/2024 '144A' 1,774,000 USD 1,774,000 1,840,112 0.11DISH DBS Corp 5.125% 1/5/2020 4,248,000 USD 4,274,499 4,322,340 0.26DISH DBS Corp 5.875% 15/7/2022 4,000,000 USD 4,065,513 3,860,000 0.23DISH DBS Corp 7.75% 1/7/2026 '144A' 4,657,000 USD 4,657,000 4,773,425 0.29DJO Finco Inc / DJO Finance LLC / DJO Finance Corp 8.125% 15/6/2021 '144A' 2,685,000 USD 2,685,000 2,295,675 0.14Dollar General Corp 3.25% 15/4/2023 6,769,000 USD 6,248,033 6,964,042 0.42Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.5% 1/7/2019 '144A' 8,000,000 USD 7,978,146 7,540,000 0.45DPL Inc 7.25% 15/10/2021 10,143,000 USD 10,629,875 9,838,709 0.59Dynegy Inc 7.625% 1/11/2024 1,936,000 USD 1,821,539 1,824,680 0.11EMI Music Publishing Group North America Holdings Inc 7.625% 15/6/2024 '144A' 1,471,000 USD 1,471,000 1,511,453 0.09Endo Finance LLC 5.75% 15/1/2022 '144A' 5,238,000 USD 5,238,000 4,688,010 0.28EnLink Midstream Partners LP 4.4% 1/4/2024 5,000,000 USD 4,154,843 4,658,375 0.28EP Energy LLC / EP Energy Finance Inc 9.375% 1/5/2020 1,334,000 USD 492,737 933,800 0.06EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 4,666,000 USD 1,546,305 2,846,260 0.17Exelon Corp 3.95% 15/6/2025 3,068,000 USD 3,062,371 3,283,453 0.20First Data Corp 7% 1/12/2023 '144A' 7,444,000 USD 7,553,667 7,537,794 0.45FirstEnergy Corp 4.25% 15/3/2023 1,005,000 USD 947,977 1,032,096 0.06Florida East Coast Holdings Corp 6.75% 1/5/2019 '144A' 2,739,000 USD 2,739,000 2,725,305 0.16Florida East Coast Holdings Corp 9.75% 1/5/2020 '144A' 5,878,000 USD 5,878,000 4,952,215 0.30Forum Energy Technologies Inc 6.25% 1/10/2021 9,545,000 USD 9,603,572 8,829,125 0.53Freeport-McMoRan Inc 3.1% 15/3/2020 10,000,000 USD 7,052,538 9,424,999 0.56Freeport-McMoRan Inc 3.55% 1/3/2022 9,000,000 USD 5,765,247 7,920,000 0.47Freeport-McMoRan Inc 4.55% 14/11/2024 5,000,000 USD 2,908,335 4,389,050 0.26Fresenius US Finance II Inc 4.25% 1/2/2021 '144A' 2,781,000 USD 2,781,000 2,906,145 0.17Frontier Communications Corp 7.45% 1/7/2035 1,500,000 USD 1,058,668 1,083,750 0.06Frontier Communications Corp 7.625% 15/4/2024 5,825,000 USD 5,963,492 5,158,096 0.31Frontier Communications Corp 8.125% 1/10/2018 7,000,000 USD 7,399,488 7,560,000 0.45Frontier Communications Corp 8.5% 15/4/2020 1,871,000 USD 1,941,974 1,976,244 0.12Frontier Communications Corp 9% 15/8/2031 1,635,000 USD 1,550,007 1,430,625 0.09Frontier Communications Corp 10.5% 15/9/2022 2,878,000 USD 2,878,000 3,029,095 0.18Frontier Communications Corp 11% 15/9/2025 2,878,000 USD 2,878,000 2,967,938 0.18GCP Applied Technologies Inc 9.5% 1/2/2023 '144A' 2,220,000 USD 2,220,000 2,478,075 0.15GenOn Energy Inc 7.875% 15/6/2017 1,000,000 USD 987,499 836,100 0.05GenOn Energy Inc 9.5% 15/10/2018 2,857,000 USD 3,028,520 2,264,173 0.14GenOn Energy Inc 9.875% 15/10/2020 9,926,000 USD 10,039,990 7,047,460 0.42Gibson Brands Inc 8.875% 1/8/2018 '144A' 5,502,000 USD 5,594,759 3,060,488 0.18Glencore Funding LLC 4.125% 30/5/2023 '144A' 3,000,000 USD 2,327,493 2,700,000 0.16Glencore Funding LLC 4.625% 29/4/2024 '144A' 4,968,000 USD 4,101,449 4,575,528 0.27GLP Capital LP / GLP Financing II Inc 4.375% 15/4/2021 400,000 USD 400,000 409,876 0.02GLP Capital LP / GLP Financing II Inc 5.375% 1/11/2023 2,424,000 USD 2,424,000 2,543,697 0.15GLP Capital LP / GLP Financing II Inc 5.375% 15/4/2026 1,121,000 USD 1,121,000 1,153,229 0.07Goodyear Tire & Rubber Co 5% 31/5/2026 2,602,000 USD 2,602,000 2,638,428 0.16Goodyear Tire & Rubber Co 5.125% 15/11/2023 2,636,000 USD 2,636,000 2,715,080 0.16Graphic Packaging International Inc 4.75% 15/4/2021 1,412,000 USD 1,412,000 1,473,775 0.09Gray Television Inc 5.875% 15/7/2026 '144A' 5,800,000 USD 5,866,272 5,800,000 0.35Greektown Holdings LLC/Greektown Mothership Corp 8.875% 15/3/2019 '144A' 5,500,000 USD 5,604,219 5,692,500 0.34Halcon Resources Corp 12% 15/2/2022 '144A' 7,081,000 USD 5,035,385 6,479,115 0.39HCA Inc 5.25% 15/6/2026 6,000,000 USD 6,287,013 6,206,250 0.37HCA Inc 5.375% 1/2/2025 12,000,000 USD 12,318,041 12,209,999 0.73HCA Inc 5.875% 15/3/2022 5,000,000 USD 5,139,391 5,412,500 0.32HCA Inc 5.875% 1/5/2023 5,000,000 USD 5,255,661 5,287,500 0.32HCA Inc 7.5% 15/2/2022 8,000,000 USD 8,234,587 9,024,959 0.54Hearthside Group Holdings LLC/Hearthside Finance Co 6.5% 1/5/2022 '144A' 8,288,000 USD 8,409,286 7,148,400 0.43Hertz Corp 6.75% 15/4/2019 7,000,000 USD 7,005,894 7,140,000 0.43Hewlett Packard Enterprise Co 4.4% 15/10/2022 '144A' 7,000,000 USD 6,987,611 7,484,995 0.45

194




% net assets



Hexion Inc 8.875% 1/2/2018 6,000,000 USD 5,612,592 5,160,000 0.31Hologic Inc 5.25% 15/7/2022 '144A' 2,405,000 USD 2,405,000 2,513,225 0.15Hornbeck Offshore Services Inc 5.875% 1/4/2020 3,355,000 USD 3,355,000 2,113,650 0.13Hughes Satellite Systems Corp 6.5% 15/6/2019 890,000 USD 927,103 956,750 0.06Huntington Ingalls Industries Inc 5% 15/11/2025 '144A' 3,137,000 USD 3,137,000 3,278,165 0.20Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.875% 15/3/2019 6,897,000 USD 6,897,000 6,724,575 0.40iHeartCommunications Inc 10.625% 15/3/2023 2,000,000 USD 2,000,000 1,400,000 0.08iHeartCommunications Inc 14% 1/2/2021 8,845,133 USD 8,998,514 3,206,361 0.19Immucor Inc 11.125% 15/8/2019 1,600,000 USD 1,591,958 1,456,000 0.09Infor US Inc 5.75% 15/8/2020 '144A' 1,200,000 USD 1,190,118 1,257,000 0.08International Lease Finance Corp 4.625% 15/4/2021 7,510,000 USD 7,528,729 7,732,446 0.46International Lease Finance Corp 5.875% 15/8/2022 2,000,000 USD 2,082,275 2,152,240 0.13International Lease Finance Corp 8.25% 15/12/2020 3,000,000 USD 3,093,490 3,484,140 0.21IPALCO Enterprises Inc 5% 1/5/2018 1,044,000 USD 1,043,800 1,090,980 0.07JC Penney Corp Inc 5.875% 1/7/2023 '144A' 772,000 USD 772,000 773,930 0.05Jones Energy Holdings LLC / Jones Energy Finance Corp 6.75% 1/4/2022 3,613,000 USD 3,613,000 2,962,660 0.18JPMorgan Chase & Co FRN Perpetual 4,752,000 USD 5,247,807 4,823,874 0.29KB Home 7% 15/12/2021 4,943,000 USD 4,943,000 4,967,715 0.30KB Home 7.625% 15/5/2023 7,569,000 USD 7,569,000 7,682,535 0.46KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5% 1/6/2024 '144A' 1,425,000 USD 1,425,000 1,452,602 0.09KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25% 1/6/2026 '144A' 1,649,000 USD 1,649,000 1,677,858 0.10Kindred Healthcare Inc 8% 15/1/2020 4,500,000 USD 4,500,000 4,466,250 0.27Kraton Polymers LLC / Kraton Polymers Capital Corp 10.5% 15/4/2023 '144A' 1,852,000 USD 1,692,090 1,967,750 0.12L Brands Inc 6.625% 1/4/2021 3,000,000 USD 3,407,326 3,381,900 0.20Landry's Inc 9.375% 1/5/2020 '144A' 3,817,000 USD 4,007,879 4,008,155 0.24Level 3 Communications Inc 5.75% 1/12/2022 2,000,000 USD 2,000,000 2,025,000 0.12Level 3 Financing Inc 5.125% 1/5/2023 5,000,000 USD 5,000,000 4,931,250 0.29Level 3 Financing Inc 5.625% 1/2/2023 2,363,000 USD 2,363,000 2,374,815 0.14Levi Strauss & Co 5% 1/5/2025 1,704,000 USD 1,704,000 1,716,780 0.10Liberty Interactive LLC 8.25% 1/2/2030 1,400,000 USD 1,370,907 1,452,500 0.09LifePoint Health Inc 5.5% 1/12/2021 1,500,000 USD 1,532,165 1,556,250 0.09LIN Television Corp 5.875% 15/11/2022 2,956,000 USD 2,944,268 2,970,780 0.18LIN Television Corp 6.375% 15/1/2021 3,664,000 USD 3,709,611 3,824,300 0.23Live Nation Entertainment Inc 5.375% 15/6/2022 '144A' 2,425,000 USD 2,425,000 2,461,375 0.15M/I Homes Inc 6.75% 15/1/2021 6,000,000 USD 6,000,000 5,970,000 0.36Masco Corp 4.375% 1/4/2026 5,000,000 USD 4,976,919 5,175,000 0.31MEDNAX Inc 5.25% 1/12/2023 '144A' 1,049,000 USD 1,049,000 1,059,490 0.06Memorial Production Partners LP / Memorial Production Finance Corp 6.875% 1/8/2022 4,724,000 USD 4,669,868 2,362,000 0.14Men's Wearhouse Inc 7% 1/7/2022 8,214,000 USD 8,350,416 6,817,620 0.41Meritage Homes Corp 7.15% 15/4/2020 4,667,000 USD 4,852,362 5,005,358 0.30Meritor Inc 6.25% 15/2/2024 7,000,000 USD 7,003,622 5,915,000 0.35Meritor Inc 6.75% 15/6/2021 1,718,000 USD 1,718,000 1,614,920 0.10MGM Growth Properties Operating Partnership LP / MGP Escrow Co-Issuer Inc 5.625% 1/5/2024 '144A' 1,074,000 USD 1,074,000 1,127,367 0.07MGM Resorts International 6.625% 15/12/2021 1,666,000 USD 1,708,974 1,799,280 0.11Michaels Stores Inc 5.875% 15/12/2020 '144A' 3,907,000 USD 3,947,219 4,043,745 0.24Micron Technology Inc 5.25% 15/1/2024 '144A' 2,000,000 USD 2,000,000 1,690,000 0.10Micron Technology Inc 5.625% 15/1/2026 '144A' 5,000,000 USD 5,000,000 4,175,000 0.25Micron Technology Inc 7.5% 15/9/2023 '144A' 1,236,000 USD 1,236,000 1,316,340 0.08MPH Acquisition Holdings LLC 7.125% 1/6/2024 '144A' 1,358,000 USD 1,358,000 1,425,900 0.09MPLX LP 4% 15/2/2025 876,000 USD 873,282 796,512 0.05MPLX LP 4.875% 1/12/2024 '144A' 6,545,000 USD 6,511,897 6,382,082 0.38MPLX LP 5.5% 15/2/2023 '144A' 1,143,000 USD 1,135,911 1,161,789 0.07Mustang Merger Corp 8.5% 15/8/2021 '144A' 6,240,000 USD 6,269,090 6,505,200 0.39Nabors Industries Inc 4.625% 15/9/2021 2,035,000 USD 1,717,000 1,807,286 0.11Navient Corp 5.5% 15/1/2019 'MTN' 2,000,000 USD 1,989,273 1,972,500 0.12Navient Corp 5.5% 25/1/2023 5,000,000 USD 4,854,036 4,300,000 0.26Navistar International Corp 8.25% 1/11/2021 7,750,000 USD 7,745,715 5,425,000 0.32

195




% net assets



NBCUniversal Enterprise Inc 5.25% Perpetual '144A' 5,402,000 USD 5,402,000 5,570,813 0.33NBTY Inc 7.625% 15/5/2021 '144A' 1,583,000 USD 1,583,000 1,569,149 0.09NCL Corp Ltd 5.25% 15/11/2019 '144A' 2,932,000 USD 2,932,000 2,961,320 0.18Neiman Marcus Group Ltd LLC 8% 15/10/2021 '144A' 3,272,000 USD 3,324,722 2,633,960 0.16Neiman Marcus Group Ltd LLC 8.75% 15/10/2021 '144A' 7,000,000 USD 7,118,259 5,285,000 0.32Neptune Finco Corp 10.875% 15/10/2025 '144A' 4,000,000 USD 4,000,000 4,550,000 0.27Netflix Inc 5.375% 1/2/2021 3,000,000 USD 3,096,593 3,172,500 0.19Netflix Inc 5.75% 1/3/2024 3,882,000 USD 3,882,000 4,037,280 0.24Newell Brands Inc 5% 15/11/2023 '144A' 4,175,000 USD 4,239,108 4,386,906 0.26Nielsen Finance LLC / Nielsen Finance Co 5% 15/4/2022 '144A' 5,625,000 USD 5,659,212 5,723,438 0.34Northern Oil and Gas Inc 8% 1/6/2020 4,267,000 USD 4,113,286 3,200,250 0.19PaperWorks Industries Inc 9.5% 15/8/2019 '144A' 9,000,000 USD 9,027,304 8,280,000 0.49PBF Logistics LP / PBF Logistics Finance Corp 6.875% 15/5/2023 4,828,000 USD 4,828,000 4,683,160 0.28Performance Food Group Inc 5.5% 1/6/2024 '144A' 550,000 USD 550,000 554,125 0.03Platform Specialty Products Corp 10.375% 1/5/2021 '144A' 1,410,000 USD 1,410,000 1,424,100 0.09Post Holdings Inc 7.375% 15/2/2022 5,000,000 USD 5,212,204 5,256,250 0.31Post Holdings Inc 8% 15/7/2025 '144A' 2,058,000 USD 2,058,000 2,274,090 0.14Prestige Brands Inc 5.375% 15/12/2021 '144A' 912,000 USD 912,000 921,120 0.05Prestige Brands Inc 6.375% 1/3/2024 '144A' 690,000 USD 690,000 710,700 0.04Prime Security Services Borrower LLC / Prime Finance Inc 9.25% 15/5/2023 '144A' 4,168,000 USD 4,168,000 4,407,660 0.26QEP Resources Inc 5.25% 1/5/2023 1,000,000 USD 857,277 920,000 0.05Quicksilver Resources Inc 9.125% 15/8/2019 (Defaulted) 6,475,000 USD 6,735,904 181,300 0.01Quicksilver Resources Inc 11% 1/7/2021 (Defaulted) 12,000,000 USD 11,529,028 336,000 0.02Rain CII Carbon LLC / CII Carbon Corp 8.25% 15/1/2021 '144A' 13,181,000 USD 13,401,052 10,676,609 0.64Regency Energy Partners LP / Regency Energy Finance Corp 5% 1/10/2022 1,325,000 USD 1,330,059 1,347,393 0.08Regency Energy Partners LP / Regency Energy Finance Corp 5.875% 1/3/2022 5,748,000 USD 5,831,792 6,091,179 0.36Regions Bank/Birmingham AL 7.5% 15/5/2018 'BKNT' 395,000 USD 419,368 433,040 0.03Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.125% 15/7/2023 '144A' 2,898,000 USD 2,898,000 2,919,735 0.17Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.75% 15/10/2020 6,000,000 USD 6,233,659 6,180,000 0.37Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 7% 15/7/2024 '144A' 1,170,000 USD 1,170,000 1,196,325 0.07Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 8.25% 15/2/2021 1,000,000 USD 1,028,377 1,038,750 0.06RHP Hotel Properties LP / RHP Finance Corp 5% 15/4/2023 4,500,000 USD 4,474,766 4,477,500 0.27Rice Energy Inc 7.25% 1/5/2023 1,642,000 USD 1,631,380 1,670,735 0.10Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp 9.5% 15/6/2019 '144A' 427,000 USD 427,000 438,743 0.03Sabine Pass Liquefaction LLC 5.625% 1/3/2025 13,824,000 USD 13,767,833 13,720,319 0.81Sabine Pass Liquefaction LLC 5.75% 15/5/2024 1,452,000 USD 1,452,000 1,444,740 0.09Sabine Pass Liquefaction LLC 5.875% 30/6/2026 '144A' 1,198,000 USD 1,198,000 1,198,000 0.07Sally Holdings LLC / Sally Capital Inc 5.625% 1/12/2025 9,000,000 USD 9,136,729 9,404,999 0.56Sanmina Corp 4.375% 1/6/2019 '144A' 8,397,000 USD 8,397,000 8,585,933 0.51Scientific Games International Inc 6.625% 15/5/2021 12,000,000 USD 11,943,147 7,020,000 0.42Scientific Games International Inc 10% 1/12/2022 8,000,000 USD 7,352,410 6,440,000 0.38Scotts Miracle-Gro Co/The 6% 15/10/2023 '144A' 2,358,000 USD 2,358,000 2,481,795 0.15Shape Technologies Group Inc 7.625% 1/2/2020 '144A' 2,453,000 USD 2,453,000 2,434,603 0.15Shingle Springs Tribal Gaming Authority 9.75% 1/9/2021 '144A' 4,700,000 USD 4,700,000 5,123,000 0.31Signode Industrial Group Lux SA/Signode Industrial Group US Inc 6.375% 1/5/2022 '144A' 3,000,000 USD 3,019,352 2,895,000 0.17Sirius XM Radio Inc 5.375% 15/7/2026 '144A' 7,000,000 USD 7,000,000 6,886,250 0.41Sirius XM Radio Inc 6% 15/7/2024 '144A' 9,753,000 USD 9,753,000 10,015,160 0.60SM Energy Co 5% 15/1/2024 4,339,000 USD 3,015,574 3,698,998 0.22SM Energy Co 6.5% 1/1/2023 1,661,000 USD 1,234,455 1,536,425 0.09Smithfield Foods Inc 5.25% 1/8/2018 '144A' 1,223,000 USD 1,223,000 1,235,230 0.07Smithfield Foods Inc 5.875% 1/8/2021 '144A' 542,000 USD 542,000 565,035 0.03Sonic Automotive Inc 5% 15/5/2023 1,208,000 USD 1,208,000 1,180,820 0.07Southwestern Energy Co 4.1% 15/3/2022 1,786,000 USD 1,068,928 1,585,075 0.09

196




% net assets



Spectrum Brands Inc 5.75% 15/7/2025 2,000,000 USD 2,000,000 2,073,760 0.12Springs Industries Inc 6.25% 1/6/2021 1,976,000 USD 1,976,000 1,995,760 0.12Sprint Capital Corp 6.9% 1/5/2019 19,000,000 USD 19,587,295 18,239,999 1.08Sprint Communications Inc 6% 15/11/2022 9,000,000 USD 9,149,660 6,969,375 0.42Sprint Corp 7.125% 15/6/2024 3,712,000 USD 3,701,487 2,858,240 0.17SS&C Technologies Holdings Inc 5.875% 15/7/2023 2,601,000 USD 2,601,000 2,659,523 0.16Starz LLC / Starz Finance Corp 5% 15/9/2019 2,709,000 USD 2,709,000 2,742,863 0.16Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp 6.375% 1/6/2021 '144A' 3,221,000 USD 3,209,476 3,180,738 0.19SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp 7.375% 1/2/2020 '144A' 1,890,000 USD 1,890,000 1,578,150 0.09SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp 7.375% 1/2/2020 '144A' 2,922,000 USD 2,963,548 2,439,870 0.15Sungard Availability Services Capital Inc 8.75% 1/4/2022 '144A' 9,333,000 USD 9,338,384 5,133,150 0.31Talen Energy Supply LLC 6.5% 1/6/2025 10,621,000 USD 10,737,497 8,815,430 0.53Taylor Morrison Communities Inc / Monarch Communities Inc 5.625% 1/3/2024 '144A' 7,783,000 USD 7,806,974 7,588,425 0.45TEGNA Inc 4.875% 15/9/2021 '144A' 990,000 USD 979,222 1,012,275 0.06TEGNA Inc 5.5% 15/9/2024 '144A' 2,182,000 USD 2,164,820 2,242,005 0.13Tempur Sealy International Inc 5.625% 15/10/2023 1,322,000 USD 1,322,000 1,361,673 0.08Tenet Healthcare Corp 6.25% 1/11/2018 1,000,000 USD 1,000,000 1,052,420 0.06Tenet Healthcare Corp 8.125% 1/4/2022 12,819,000 USD 13,231,940 13,107,427 0.77Tenneco Inc 5% 15/7/2026 5,017,000 USD 5,017,000 5,067,170 0.30Tenneco Inc 5.375% 15/12/2024 2,841,000 USD 2,841,000 2,940,435 0.18Tesoro Logistics LP / Tesoro Logistics Finance Corp 5.5% 15/10/2019 1,231,000 USD 1,231,000 1,286,395 0.08Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.125% 15/10/2021 373,000 USD 373,909 388,853 0.02Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.25% 15/10/2022 4,089,000 USD 4,148,691 4,262,783 0.25Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.375% 1/5/2024 913,000 USD 913,000 951,803 0.06T-Mobile USA Inc 6% 1/3/2023 8,556,000 USD 8,622,837 8,834,070 0.53T-Mobile USA Inc 6.125% 15/1/2022 6,299,000 USD 6,299,000 6,598,203 0.39T-Mobile USA Inc 6.542% 28/4/2020 2,607,000 USD 2,607,000 2,685,210 0.16Tops Holding LLC / Tops Markets II Corp 8% 15/6/2022 '144A' 4,584,000 USD 4,584,000 4,033,920 0.24TransDigm Inc 6.375% 15/6/2026 '144A' 455,000 USD 455,000 445,900 0.03United Airlines 2014-1 Class B Pass Through Trust 4.75% 11/4/2022 3,361,031 USD 3,361,031 3,403,044 0.20United Rentals North America Inc 5.75% 15/11/2024 3,000,000 USD 3,101,811 3,015,000 0.18United Rentals North America Inc 5.875% 15/9/2026 2,286,000 USD 2,286,000 2,257,425 0.13United Rentals North America Inc 7.375% 15/5/2020 1,358,000 USD 1,387,849 1,412,320 0.08Univision Communications Inc 5.125% 15/2/2025 '144A' 4,737,000 USD 4,794,107 4,695,551 0.28US Foods Inc 5.875% 15/6/2024 '144A' 4,328,000 USD 4,328,000 4,409,150 0.26ViaSat Inc 6.875% 15/6/2020 4,194,000 USD 4,295,532 4,330,305 0.26Wave Holdco LLC / Wave Holdco Corp 8.25% 15/7/2019 '144A' 5,342,040 USD 5,341,354 5,368,750 0.32Wells Fargo & Co FRN Perpetual Series K 4,746,000 USD 5,239,384 4,977,368 0.30West Corp 5.375% 15/7/2022 '144A' 9,719,000 USD 9,719,000 8,819,993 0.53Western Digital Corp 7.375% 1/4/2023 '144A' 4,365,000 USD 4,365,000 4,625,547 0.28Western Digital Corp 10.5% 1/4/2024 '144A' 7,500,000 USD 7,500,000 8,006,250 0.48WideOpenWest Finance LLC / WideOpenWest Capital Corp 13.375% 15/10/2019 13,975,000 USD 14,901,945 14,743,624 0.87Williams Partners LP / ACMP Finance Corp 4.875% 15/5/2023 558,000 USD 558,000 534,017 0.03Windstream Services LLC 6.375% 1/8/2023 5,000,000 USD 4,306,864 4,150,000 0.25WMG Holdings Corp 13.75% 1/10/2019 1,312,000 USD 1,312,000 1,402,200 0.08Wyndham Worldwide Corp 5.1% 1/10/2025 2,780,000 USD 2,779,130 2,999,292 0.18Zayo Group LLC / Zayo Capital Inc 6% 1/4/2023 4,889,000 USD 4,899,317 4,983,749 0.30ZF North America Capital Inc 4% 29/4/2020 '144A' 3,000,000 USD 2,987,150 3,060,000 0.18ZF North America Capital Inc 4.75% 29/4/2025 '144A' 4,827,000 USD 4,624,878 4,833,179 0.29

1,261,133,942 1,179,485,890 70.43

Total Bonds 1,647,692,901 1,539,503,412 91.92

197




% net assets



SHARES

Cayman Islands Vantage Drilling Inc 19,565 USD 1,697,850 1,682,590 0.10

United States of America NuStar Logistics LP - Pref 549,000 USD 13,725,000 13,527,360 0.81

Total Shares 15,422,850 15,209,950 0.91


BONDS

Bermuda Petroplus Finance Ltd 9.375% 15/9/2019 '144A' (Defaulted) – USD 22,292 – –

Canada Lone Pine Resources 10.375% 15/2/2017 4,256,000 USD – – –Lone Pine Resources Canada Ltd 10.375% 15/2/2017 (Defaulted) – USD 33,394 – –

33,394 – –

Cayman Islands Offshore Group Invest Escrow 0% 01/04/2023 0% 01/4/2023 11,319,000 USD 109,099 – –

United States of America Alpha Natural Resources Inc 6% 1/6/2019 (Defaulted) – USD 30,427 – –Alpha Natural Resources Inc 6.25% 1/6/2021 (Defaulted) – USD 307,075 – –Alpha Natural Resources Inc 9.75% 15/4/2018 (Defaulted) – USD 28,933 – –Caesars Entertainment Operating Co Inc 9% 15/2/2020 (Defaulted) – USD 25,666 – –Caesars Entertainment Operating Co Inc 9% 15/2/2020 (Defaulted) – USD 16,032 – –Denver Parent Corp 12.25% 15/8/2018 (Defaulted) – USD 107,102 – –

515,235 – –

Total Bonds 680,020 – –

SHARES

Canada Lone Pine Reources Inc Class A 530,865 USD – – –Lone Pine Resources Canada Ltd 530,865 CAD – – –

– – –

Total Shares – – –

Total Other Transferable Securities 680,020 – –



Total Net Assets 1,674,772,531 100.00

198




% net assets



MUTUAL FUNDS



BONDS

Australia Barrick PD Australia Finance Pty Ltd 5.95% 15/10/2039 650,000 USD 659,196 678,210 0.16Macquarie Bank Ltd 4.875% 10/6/2025 '144A' 865,000 USD 862,946 875,086 0.20Macquarie Group Ltd 6% 14/1/2020 '144A' 1,025,000 USD 1,025,645 1,143,763 0.26Origin Energy Finance Ltd 3.5% 9/10/2018 '144A' 1,463,000 USD 1,461,790 1,472,215 0.34Rio Tinto Finance USA Ltd 7.125% 15/7/2028 600,000 USD 534,756 745,538 0.17

4,544,333 4,914,812 1.13

Bermuda Allied World Assurance Co Holdings Ltd 5.5% 15/11/2020 572,000 USD 570,857 637,764 0.15Bacardi Ltd 8.2% 1/4/2019 '144A' 500,000 USD 499,955 574,746 0.13

1,070,812 1,212,510 0.28

Canada Barrick Gold Corp 4.1% 1/5/2023 290,000 USD 290,948 303,457 0.07Glencore Finance Canada Ltd 4.25% 25/10/2022 '144A' 1,866,000 USD 1,706,976 1,714,388 0.40Husky Energy Inc 6.8% 15/9/2037 390,000 USD 389,574 446,068 0.10Methanex Corp 5.65% 1/12/2044 877,000 USD 871,634 729,061 0.17Petro-Canada 6.05% 15/5/2018 236,000 USD 235,924 253,672 0.06Royal Bank of Canada FRN 3/2/2017 'GMTN' 2,000,000 USD 1,999,999 2,000,558 0.46Royal Bank of Canada 4.65% 27/1/2026 'GMTN' 625,000 USD 623,720 668,630 0.15Suncor Energy Inc 6.1% 1/6/2018 1,295,000 USD 1,308,731 1,392,178 0.32Toronto-Dominion Bank 2.25% 15/3/2021 '144A' 2,459,000 USD 2,455,425 2,520,834 0.59TransCanada PipeLines Ltd 7.25% 15/8/2038 417,000 USD 416,879 572,974 0.13

10,299,810 10,601,820 2.45

Colombia Ecopetrol SA 5.375% 26/6/2026 1,250,000 USD 1,242,377 1,212,500 0.28

Curacao Teva Pharmaceutical Finance Co BV 3.65% 10/11/2021 105,000 USD 104,794 111,262 0.03

France BNP Paribas SA 4.375% 12/5/2026 '144A' 1,250,000 USD 1,247,833 1,262,108 0.29BPCE SA 5.15% 21/7/2024 '144A' 600,000 USD 616,109 621,838 0.14Credit Agricole SA/London 2.375% 1/7/2021 '144A' 2,141,000 USD 2,131,577 2,160,620 0.50Electricite de France SA FRN Perpetual '144A' 1,300,000 USD 1,291,127 1,248,000 0.29

5,286,646 5,292,566 1.22

Guernsey Credit Suisse Group Funding Guernsey Ltd 3.8% 9/6/2023 '144A' 3,206,000 USD 3,196,909 3,184,956 0.73Credit Suisse Group Funding Guernsey Ltd 4.55% 17/4/2026 '144A' 1,798,000 USD 1,797,578 1,856,257 0.43

4,994,487 5,041,213 1.16

Ireland GE Capital International Funding Co Unlimited Co 4.418% 15/11/2035 '144A' 839,000 USD 797,979 941,039 0.22Perrigo Finance Unlimited Co 3.5% 15/3/2021 249,000 USD 248,785 257,938 0.06Perrigo Finance Unlimited Co 4.375% 15/3/2026 200,000 USD 199,518 209,162 0.05

1,246,282 1,408,139 0.33

(expressed in USD)

US INVESTMENT GRADE BOND FUND

199




% net assets


US INVESTMENT GRADE BOND FUND (continued)

Italy Eni SpA 5.7% 1/10/2040 '144A' 700,000 USD 696,701 712,250 0.16

Luxembourg Actavis Funding SCS 3.45% 15/3/2022 358,000 USD 357,588 371,819 0.09Actavis Funding SCS 4.75% 15/3/2045 1,003,000 USD 998,741 1,058,315 0.24Pentair Finance SA 2.65% 1/12/2019 2,432,000 USD 2,429,221 2,432,754 0.56Prologis International Funding II SA 4.875% 15/2/2020 '144A' 2,963,000 USD 2,951,982 3,209,623 0.75SES SA 3.6% 4/4/2023 '144A' 870,000 USD 867,173 878,491 0.20

7,604,705 7,951,002 1.84

Mexico America Movil SAB de CV 6.125% 30/3/2040 600,000 USD 593,777 722,532 0.17BBVA Bancomer SA/Texas 6.75% 30/9/2022 '144A' 1,067,000 USD 1,066,806 1,184,026 0.27Grupo Bimbo SAB de CV 4.875% 27/6/2044 '144A' 231,000 USD 202,342 227,048 0.05Grupo Televisa SAB 6.125% 31/1/2046 1,197,000 USD 1,193,211 1,294,677 0.31Petroleos Mexicanos 4.875% 24/1/2022 400,000 USD 398,040 406,696 0.09Petroleos Mexicanos 5.5% 21/1/2021 1,000,000 USD 1,024,045 1,052,802 0.24Petroleos Mexicanos 5.5% 27/6/2044 675,000 USD 687,046 596,436 0.14Petroleos Mexicanos 6.375% 23/1/2045 1,002,000 USD 995,097 997,519 0.23

6,160,364 6,481,736 1.50

Netherlands ABN AMRO Bank NV 2.45% 4/6/2020 '144A' 746,000 USD 745,089 763,091 0.18Cooperatieve Rabobank UA 4.625% 1/12/2023 1,500,000 USD 1,569,584 1,583,811 0.37ING Bank NV 2.3% 22/3/2019 '144A' 1,500,000 USD 1,499,607 1,524,879 0.35ING Bank NV 5.8% 25/9/2023 '144A' 1,000,000 USD 1,034,891 1,100,448 0.25LeasePlan Corp NV 2.875% 22/1/2019 '144A' 3,500,000 USD 3,498,302 3,502,104 0.81LYB International Finance BV 4.875% 15/3/2044 900,000 USD 900,885 957,661 0.22Mylan NV 3.15% 15/6/2021 '144A' 1,415,000 USD 1,413,384 1,427,398 0.33Mylan NV 3.95% 15/6/2026 '144A' 1,290,000 USD 1,280,158 1,299,611 0.30Shell International Finance BV 4% 10/5/2046 1,550,000 USD 1,522,209 1,580,161 0.36

13,464,109 13,739,164 3.17

Peru BBVA Banco Continental SA 3.25% 8/4/2018 '144A' 1,500,000 USD 1,496,949 1,532,235 0.35

Spain Telefonica Emisiones SAU 7.045% 20/6/2036 650,000 USD 696,252 828,267 0.19

Switzerland Credit Suisse AG/New York NY 1.7% 27/4/2018 1,500,000 USD 1,498,998 1,499,736 0.35

United Kingdom Barclays Plc 4.375% 12/1/2026 2,680,000 USD 2,659,915 2,707,442 0.63BP Capital Markets Plc 3.119% 4/5/2026 647,000 USD 647,000 658,581 0.15British Sky Broadcasting Group Plc 3.125% 26/11/2022 '144A' 1,174,000 USD 1,170,739 1,203,356 0.28British Sky Broadcasting Group Plc 6.1% 15/2/2018 '144A' 325,000 USD 324,942 347,559 0.08British Sky Broadcasting Group Plc 9.5% 15/11/2018 '144A' 1,775,000 USD 1,861,310 2,073,351 0.48HSBC Holdings Plc FRN Perpetual 2,288,000 USD 2,296,979 2,286,385 0.53HSBC Holdings Plc 4.25% 14/3/2024 1,017,000 USD 1,011,839 1,026,053 0.24HSBC Holdings Plc 5.25% 14/3/2044 45,000 USD 44,546 46,749 0.01Lloyds Banking Group Plc 4.65% 24/3/2026 1,650,000 USD 1,643,087 1,663,639 0.38PPL WEM Ltd / Western Power Distribution Ltd 5.375% 1/5/2021 '144A' 1,024,000 USD 1,023,877 1,141,575 0.26Santander UK Plc FRN 14/3/2019 2,500,000 USD 2,500,000 2,536,857 0.59Santander UK Plc 5% 7/11/2023 '144A' 768,000 USD 766,201 782,442 0.18Sky Plc 3.75% 16/9/2024 '144A' 985,000 USD 981,930 1,025,693 0.24Trinity Acquisition Plc 4.4% 15/3/2026 750,000 USD 746,925 786,602 0.18WPP Finance 2010 3.625% 7/9/2022 667,000 USD 663,548 706,268 0.16

18,342,838 18,992,552 4.39

200




% net assets



United States of America 21st Century Fox America Inc 4.95% 15/10/2045 503,000 USD 499,891 572,273 0.1321st Century Fox America Inc 6.65% 15/11/2037 1,046,000 USD 1,047,924 1,370,694 0.3221st Century Fox America Inc 6.9% 15/8/2039 969,000 USD 986,779 1,298,523 0.30AbbVie Inc 3.2% 14/5/2026 2,033,000 USD 2,025,342 2,064,461 0.48AbbVie Inc 3.6% 14/5/2025 1,222,000 USD 1,205,739 1,280,751 0.30AbbVie Inc 4.45% 14/5/2046 2,000,000 USD 1,986,623 2,038,206 0.47AbbVie Inc 4.5% 14/5/2035 297,000 USD 309,839 308,315 0.07Actavis Funding SCS 3.85% 15/6/2024 495,000 USD 491,883 519,420 0.12Actavis Funding SCS 4.85% 15/6/2044 430,000 USD 406,175 454,341 0.10Actavis Inc 4.625% 1/10/2042 842,000 USD 831,068 867,933 0.20Aetna Inc 1.9% 7/6/2019 1,650,000 USD 1,648,793 1,669,392 0.39Aetna Inc 4.375% 15/6/2046 1,060,000 USD 1,058,943 1,099,210 0.25AGL Capital Corp 5.25% 15/8/2019 692,000 USD 691,532 756,807 0.17AIG SunAmerica Global Financing X 6.9% 15/3/2032 '144A' 1,100,000 USD 1,157,684 1,424,718 0.33Alltel Corp 7.875% 1/7/2032 700,000 USD 725,171 957,672 0.22Altria Group Inc 9.95% 10/11/2038 213,000 USD 209,985 380,740 0.09Altria Group Inc 10.2% 6/2/2039 370,000 USD 422,966 688,846 0.16Ameren Illinois Co 4.3% 1/7/2044 1,239,000 USD 1,232,435 1,418,771 0.33American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 825,874 USD 825,874 896,074 0.21American Airlines 2016-2 Class A Pass Through Trust 3.65% 15/6/2028 1,000,000 USD 1,000,000 1,035,000 0.24American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 1,101,000 USD 1,101,000 1,134,030 0.26American International Group Inc 3.9% 1/4/2026 1,000,000 USD 999,514 1,029,546 0.24American Tower Corp 3.3% 15/2/2021 961,000 USD 959,717 998,368 0.23American Tower Corp 3.375% 15/10/2026 929,000 USD 919,869 931,959 0.22American Tower Trust I 3.07% 15/3/2048 '144A' 1,635,000 USD 1,635,000 1,681,025 0.39Anadarko Petroleum Corp 6.45% 15/9/2036 600,000 USD 683,981 686,951 0.16Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 4,034,000 USD 4,146,076 4,310,239 1.00Anheuser-Busch InBev Finance Inc 4.7% 1/2/2036 1,378,000 USD 1,366,771 1,551,665 0.36Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 1,748,000 USD 1,743,955 2,054,819 0.47Anheuser-Busch InBev Worldwide Inc 8.2% 15/1/2039 650,000 USD 780,823 1,037,455 0.24Apache Corp 5.1% 1/9/2040 678,000 USD 675,837 709,529 0.16Appalachian Power Co 6.7% 15/8/2037 300,000 USD 311,812 394,273 0.09Appalachian Power Co 7% 1/4/2038 400,000 USD 398,086 541,869 0.13AT&T Inc 4.5% 15/5/2035 1,010,000 USD 1,007,254 1,035,210 0.24AT&T Inc 5.15% 15/3/2042 430,000 USD 431,121 464,381 0.11AT&T Inc 5.55% 15/8/2041 970,000 USD 964,607 1,086,881 0.25AT&T Inc 5.65% 15/2/2047 1,842,000 USD 1,837,747 2,119,437 0.49BAE Systems Holdings Inc 3.85% 15/12/2025 '144A' 492,000 USD 486,525 523,532 0.12Baltimore Gas & Electric Co 6.35% 1/10/2036 190,000 USD 189,830 259,310 0.06Bank of America Corp 3.3% 11/1/2023 'GMTN' 2,106,000 USD 2,062,199 2,163,487 0.50Bank of America Corp 3.5% 19/4/2026 'GMTN' 1,583,000 USD 1,593,988 1,634,964 0.38Bank of America Corp 3.95% 21/4/2025 740,000 USD 738,080 753,856 0.17Bank of America Corp 4% 22/1/2025 'MTN' 1,396,000 USD 1,400,949 1,411,306 0.33Bank of America Corp 4.1% 24/7/2023 687,000 USD 700,868 732,979 0.17Bank of America Corp 4.2% 26/8/2024 'MTN' 344,000 USD 344,368 355,784 0.08Bank of America Corp 5.7% 24/1/2022 1,750,000 USD 1,877,610 2,017,888 0.47Bank of New York Mellon Corp 2.5% 15/4/2021 'MTN' 1,479,000 USD 1,477,640 1,521,860 0.35BMW US Capital LLC 2% 11/4/2021 '144A' 1,427,000 USD 1,423,587 1,435,907 0.33Brooklyn Union Gas Co 3.407% 10/3/2026 '144A' 823,000 USD 823,000 873,830 0.20Bunge Ltd Finance Corp 8.5% 15/6/2019 615,000 USD 614,995 721,770 0.17Bunge NA Finance LP 5.9% 1/4/2017 600,000 USD 599,358 619,913 0.14Burlington Northern Santa Fe LLC 3.75% 1/4/2024 1,131,000 USD 1,128,154 1,253,522 0.29Burlington Northern Santa Fe LLC 4.55% 1/9/2044 500,000 USD 497,403 571,619 0.13Burlington Northern Santa Fe LLC 5.75% 1/5/2040 877,000 USD 874,649 1,136,195 0.26Cabot Corp 3.7% 15/7/2022 1,026,000 USD 1,025,330 1,063,419 0.25Capital One Bank USA NA 2.25% 13/2/2019 'BKNT' 1,386,000 USD 1,389,079 1,404,608 0.32Capital One NA/Mclean VA 2.4% 5/9/2019 2,653,000 USD 2,646,777 2,682,085 0.62Cargill Inc 3.3% 1/3/2022 '144A' 1,000,000 USD 997,946 1,060,174 0.24CDK Global Inc 3.3% 15/10/2019 628,000 USD 628,000 628,366 0.15

201




% net assets



Celgene Corp 4.625% 15/5/2044 996,000 USD 992,726 1,014,809 0.23Chevron Corp 2.1% 16/5/2021 2,600,000 USD 2,600,000 2,643,059 0.61Citigroup Inc 1.85% 24/11/2017 2,000,000 USD 1,999,813 2,010,646 0.46Citigroup Inc 2.65% 26/10/2020 1,000,000 USD 999,035 1,015,397 0.23Citigroup Inc 4.45% 29/9/2027 1,500,000 USD 1,504,230 1,537,545 0.36Citigroup Inc 4.6% 9/3/2026 1,000,000 USD 1,037,534 1,059,391 0.24Citigroup Inc 6.675% 13/9/2043 276,000 USD 276,000 354,890 0.08Cleveland Electric Illuminating Co 5.5% 15/8/2024 1,304,000 USD 1,300,227 1,551,727 0.36Columbia Pipeline Group Inc 4.5% 1/6/2025 329,000 USD 328,553 353,631 0.08Columbia Pipeline Group Inc 5.8% 1/6/2045 417,000 USD 416,085 479,345 0.11Comcast Cable Communications Holdings Inc 9.455% 15/11/2022 410,000 USD 465,145 582,197 0.13Comcast Corp 3.375% 15/8/2025 831,000 USD 830,075 892,834 0.21Comcast Corp 6.5% 15/11/2035 170,000 USD 169,729 233,234 0.05Comcast Corp 6.55% 1/7/2039 700,000 USD 697,333 980,666 0.23Comcast Corp 6.95% 15/8/2037 600,000 USD 579,154 866,617 0.20CommonWealth REIT 5.875% 15/9/2020 938,000 USD 929,518 1,035,918 0.24ConAgra Foods Inc 2.1% 15/3/2018 1,584,000 USD 1,582,832 1,605,202 0.37Consolidated Edison Co of New York Inc 3.85% 15/6/2046 1,350,000 USD 1,348,099 1,409,577 0.33Consolidated Edison Co of New York Inc 4.45% 15/3/2044 2,000,000 USD 1,998,449 2,253,130 0.52Consolidated Edison Co of New York Inc 5.5% 1/12/2039 904,000 USD 901,331 1,159,915 0.27Continental Airlines 2001-1 Class A-1 Pass Through Trust 6.703% 15/12/2022 144,817 USD 144,107 149,523 0.03Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/10/2025 2,203,309 USD 2,199,561 2,324,491 0.54Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/4/2026 927,898 USD 927,898 981,253 0.23Corning Inc 5.75% 15/8/2040 518,000 USD 515,168 615,710 0.14Cox Communications Inc 4.7% 15/12/2042 '144A' 500,000 USD 499,917 444,953 0.10Crown Castle International Corp 3.4% 15/2/2021 274,000 USD 280,962 286,330 0.07Crown Castle International Corp 3.7% 15/6/2026 236,000 USD 235,292 242,958 0.06CSX Corp 5.5% 15/4/2041 800,000 USD 793,172 1,004,441 0.23CVS Health Corp 2.125% 1/6/2021 1,500,000 USD 1,495,915 1,519,022 0.35CVS Health Corp 2.875% 1/6/2026 2,700,000 USD 2,677,032 2,760,132 0.64CVS Pass-Through Trust 7.507% 10/1/2032 '144A' 1,547,429 USD 1,547,427 1,939,861 0.45Daimler Finance North America LLC 2.25% 2/3/2020 '144A' 3,000,000 USD 2,994,951 3,045,158 0.70Daimler Finance North America LLC 3.875% 15/9/2021 '144A' 568,000 USD 565,152 617,560 0.14Delta Air Lines 2009-1 Class A Pass Through Trust 7.75% 17/6/2021 353,273 USD 353,273 398,315 0.09Diageo Investment Corp 2.875% 11/5/2022 1,000,000 USD 997,879 1,046,578 0.24Diamond 1 Finance Corp / Diamond 2 Finance Corp 5.45% 15/6/2023 '144A' 888,000 USD 887,625 916,791 0.21Diamond 1 Finance Corp / Diamond 2 Finance Corp 6.02% 15/6/2026 '144A' 2,575,000 USD 2,609,730 2,664,682 0.62Diamond 1 Finance Corp / Diamond 2 Finance Corp 8.35% 15/7/2046 '144A' 809,000 USD 808,355 868,524 0.20Discover Bank/Greenwood DE 2.6% 13/11/2018 1,000,000 USD 999,548 1,015,108 0.23Dollar General Corp 1.875% 15/4/2018 908,000 USD 893,805 917,173 0.21Domtar Corp 6.25% 1/9/2042 1,050,000 USD 1,046,164 1,088,712 0.25Dow Chemical Co 8.55% 15/5/2019 1,197,000 USD 1,244,535 1,422,925 0.33Dow Chemical Co 9.4% 15/5/2039 486,000 USD 545,002 755,724 0.17Duke Energy Progress LLC 4.375% 30/3/2044 750,000 USD 749,860 862,319 0.20Duke Realty LP 3.875% 15/2/2021 1,500,000 USD 1,497,568 1,585,667 0.37Dun & Bradstreet Corp 4% 15/6/2020 1,577,000 USD 1,572,149 1,636,202 0.38Enbridge Energy Partners LP 7.5% 15/4/2038 518,000 USD 563,078 601,298 0.14Energy Transfer Partners LP 4.05% 15/3/2025 503,000 USD 502,641 489,026 0.11Energy Transfer Partners LP 4.75% 15/1/2026 2,679,000 USD 2,661,473 2,755,911 0.64Energy Transfer Partners LP 5.15% 15/3/2045 908,000 USD 906,021 820,727 0.19Energy Transfer Partners LP 5.2% 1/2/2022 482,000 USD 481,354 507,338 0.12EnLink Midstream Partners LP 4.4% 1/4/2024 665,000 USD 661,956 618,450 0.14Enterprise Products Operating LLC 4.85% 15/3/2044 373,000 USD 375,934 389,041 0.09Enterprise Products Operating LLC 4.95% 15/10/2054 314,000 USD 309,061 320,293 0.07Enterprise Products Operating LLC 5.2% 1/9/2020 866,000 USD 864,954 972,462 0.22Enterprise Products Operating LLC 6.125% 15/10/2039 1,034,000 USD 1,029,081 1,217,569 0.28Enterprise Products Operating LLC 7.55% 15/4/2038 875,000 USD 1,017,005 1,114,862 0.26

202




% net assets



Equifax Inc 3.3% 15/12/2022 872,000 USD 871,143 917,348 0.21ERAC USA Finance LLC 4.5% 15/2/2045 '144A' 136,000 USD 134,505 144,061 0.03ERAC USA Finance LLC 7% 15/10/2037 '144A' 1,375,000 USD 1,357,198 1,866,861 0.43Everest Reinsurance Holdings Inc 4.868% 1/6/2044 1,345,000 USD 1,345,000 1,381,105 0.32Exelon Generation Co LLC 2.95% 15/1/2020 512,000 USD 511,930 525,955 0.12Express Scripts Holding Co 2.65% 15/2/2017 1,277,000 USD 1,275,439 1,290,544 0.30Express Scripts Holding Co 3% 15/7/2023 629,000 USD 628,440 628,996 0.15Express Scripts Holding Co 4.5% 25/2/2026 1,700,000 USD 1,691,256 1,868,926 0.43Express Scripts Holding Co 4.8% 15/7/2046 986,000 USD 984,275 986,762 0.23Exxon Mobil Corp 4.114% 1/3/2046 685,000 USD 685,000 773,933 0.18Five Corners Funding Trust 4.419% 15/11/2023 '144A' 2,579,000 USD 2,577,401 2,798,011 0.65FMC Technologies Inc 2% 1/10/2017 1,026,000 USD 1,025,404 1,015,648 0.23FMC Technologies Inc 3.45% 1/10/2022 518,000 USD 517,725 493,760 0.11FMR LLC 6.45% 15/11/2039 '144A' 462,000 USD 461,186 605,481 0.14FMR LLC 6.5% 14/12/2040 '144A' 350,000 USD 348,392 459,739 0.11Ford Motor Credit Co LLC 2.875% 1/10/2018 1,500,000 USD 1,499,750 1,536,510 0.35Ford Motor Credit Co LLC 4.134% 4/8/2025 1,150,000 USD 1,149,729 1,235,145 0.29Ford Motor Credit Co LLC 4.375% 6/8/2023 2,000,000 USD 2,020,417 2,169,220 0.50Ford Motor Credit Co LLC 5% 15/5/2018 1,000,000 USD 1,038,232 1,058,214 0.24Fortive Corp 2.35% 15/6/2021 '144A' 1,045,000 USD 1,044,763 1,057,312 0.24FPL Energy National Wind LLC 5.608% 10/3/2024 '144A' 72,790 USD 73,128 70,220 0.02Freeport-McMoRan Copper & Gold Inc 5.45% 15/3/2043 424,000 USD 195,325 334,960 0.08GATX Corp 4.75% 15/6/2022 500,000 USD 497,178 534,923 0.12General Electric Co FRN Perpetual 2,822,000 USD 2,603,519 2,984,265 0.69General Electric Co 6.75% 15/3/2032 'MTNA' 244,000 USD 292,586 341,136 0.08Georgia Power Co 4.3% 15/3/2042 1,653,000 USD 1,670,198 1,815,262 0.42Gilead Sciences Inc 4.5% 1/2/2045 904,000 USD 953,861 981,338 0.23Gilead Sciences Inc 4.8% 1/4/2044 671,000 USD 669,799 748,950 0.17Goldman Sachs Group Inc FRN 25/4/2019 3,701,000 USD 3,700,999 3,688,682 0.85Goldman Sachs Group Inc 4% 3/3/2024 1,091,000 USD 1,088,474 1,170,682 0.27Goldman Sachs Group Inc 4.25% 21/10/2025 1,602,000 USD 1,591,152 1,653,097 0.38Goldman Sachs Group Inc 5.15% 22/5/2045 370,000 USD 367,684 385,120 0.09Goldman Sachs Group Inc 5.75% 24/1/2022 4,131,000 USD 4,240,339 4,792,413 1.10Goldman Sachs Group Inc 6.75% 1/10/2037 935,000 USD 907,127 1,139,932 0.26Guardian Life Global Funding 2% 26/4/2021 '144A' 1,375,000 USD 1,373,255 1,390,627 0.32Guardian Life Insurance Co of America 7.375% 30/9/2039 '144A' 704,000 USD 698,420 969,173 0.22Hewlett Packard Enterprise Co 6.2% 15/10/2035 '144A' 1,020,000 USD 1,019,430 1,025,020 0.24Hewlett Packard Enterprise Co 6.35% 15/10/2045 '144A' 1,000,000 USD 999,337 1,007,192 0.23Hospitality Properties Trust 4.5% 15/3/2025 1,335,000 USD 1,321,508 1,343,711 0.31Host Hotels & Resorts LP 4.5% 1/2/2026 391,000 USD 389,837 411,558 0.10HSBC Finance Corp 6.676% 15/1/2021 630,000 USD 621,750 704,886 0.16Humana Inc 4.625% 1/12/2042 444,000 USD 443,756 463,458 0.11Huntington National Bank 2.875% 20/8/2020 1,229,000 USD 1,224,732 1,262,377 0.29IDEX Corp 4.2% 15/12/2021 750,000 USD 748,973 805,272 0.19International Paper Co 5.15% 15/5/2046 116,000 USD 115,028 125,223 0.03International Paper Co 7.3% 15/11/2039 889,000 USD 920,064 1,171,187 0.27ITC Holdings Corp 3.25% 30/6/2026 789,000 USD 787,935 786,135 0.18Janus Capital Group Inc 4.875% 1/8/2025 530,000 USD 525,308 575,979 0.13Jersey Central Power & Light Co 6.4% 15/5/2036 370,000 USD 368,512 458,345 0.11JM Smucker Co 2.5% 15/3/2020 739,000 USD 736,659 760,782 0.18JPMorgan Chase & Co 3.2% 25/1/2023 3,617,000 USD 3,554,884 3,736,349 0.86JPMorgan Chase & Co 3.875% 1/2/2024 2,000,000 USD 1,990,288 2,163,012 0.50JPMorgan Chase & Co 4.25% 1/10/2027 1,550,000 USD 1,544,994 1,630,926 0.38Kansas City Power & Light Co 6.375% 1/3/2018 667,000 USD 667,000 718,261 0.17Kilroy Realty LP 4.375% 1/10/2025 542,000 USD 539,228 583,206 0.13Kinder Morgan Energy Partners LP 3.5% 1/9/2023 832,000 USD 830,470 811,980 0.19Kinder Morgan Energy Partners LP 5% 15/8/2042 521,000 USD 516,172 485,493 0.11Kinder Morgan Energy Partners LP 6.55% 15/9/2040 650,000 USD 648,773 678,729 0.16Kinder Morgan Energy Partners LP 7.75% 15/3/2032 300,000 USD 277,138 337,006 0.08KKR Group Finance Co III LLC 5.125% 1/6/2044 '144A' 634,000 USD 640,433 639,699 0.15Kohl's Corp 5.55% 17/7/2045 400,000 USD 388,461 368,998 0.09Kraft Heinz Foods Co 4.375% 1/6/2046 '144A' 2,008,000 USD 2,001,684 2,129,480 0.49Kraft Heinz Foods Co 5% 15/7/2035 '144A' 507,000 USD 502,423 585,499 0.14

203




% net assets



Kroger Co 7.5% 1/4/2031 140,000 USD 143,619 195,920 0.05Liberty Mutual Group Inc 4.25% 15/6/2023 '144A' 545,000 USD 556,960 577,989 0.13Liberty Mutual Group Inc 4.85% 1/8/2044 '144A' 1,770,000 USD 1,768,676 1,785,105 0.41Life Technologies Corp 5% 15/1/2021 412,000 USD 427,303 454,822 0.11Lincoln National Corp 7% 15/6/2040 646,000 USD 658,044 829,005 0.19Marathon Petroleum Corp 6.5% 1/3/2041 631,000 USD 626,630 668,399 0.15Markel Corp 5% 5/4/2046 624,000 USD 631,512 659,566 0.15Massachusetts Mutual Life Insurance Co 8.875% 1/6/2039 '144A' 337,000 USD 333,685 508,059 0.12Maxim Integrated Products Inc 3.375% 15/3/2023 1,072,000 USD 1,063,949 1,104,189 0.25Medtronic Inc 4.625% 15/3/2045 457,000 USD 455,839 531,769 0.12MetLife Capital Trust IV 7.875% 15/12/2067 '144A' 1,100,000 USD 1,068,870 1,314,500 0.30MetLife Capital Trust X 9.25% 8/4/2068 '144A' 300,000 USD 300,000 411,750 0.10Mid-America Apartments LP 4% 15/11/2025 446,000 USD 441,791 469,549 0.11Morgan Stanley 2.5% 21/4/2021 'GMTN' 1,849,000 USD 1,843,032 1,862,122 0.43Morgan Stanley 4% 23/7/2025 'GMTN' 1,640,000 USD 1,673,365 1,750,575 0.40Morgan Stanley 4.35% 8/9/2026 'GMTN' 851,000 USD 859,853 886,641 0.20Morgan Stanley 4.75% 22/3/2017 'GMTN' 1,388,000 USD 1,386,793 1,422,056 0.33Morgan Stanley 5.5% 26/1/2020 'GMTN' 550,000 USD 542,842 614,095 0.14Morgan Stanley 5.5% 24/7/2020 'GMTN' 2,350,000 USD 2,416,303 2,653,547 0.61Morgan Stanley 5.625% 23/9/2019 'MTN' 1,000,000 USD 1,000,346 1,107,647 0.26MPLX LP 4% 15/2/2025 233,000 USD 232,278 215,525 0.05MPLX LP 4.875% 1/6/2025 '144A' 1,000,000 USD 770,361 972,500 0.22Nationwide Mutual Insurance Co 9.375% 15/8/2039 '144A' 745,000 USD 744,981 1,134,020 0.26NBCUniversal Enterprise Inc 5.25% Perpetual '144A' 2,065,000 USD 2,065,000 2,128,162 0.49Newell Brands Inc 3.85% 1/4/2023 1,308,000 USD 1,307,611 1,386,948 0.32Newell Brands Inc 5.5% 1/4/2046 780,000 USD 777,187 932,480 0.22NiSource Finance Corp 6.125% 1/3/2022 1,029,000 USD 1,026,946 1,227,570 0.28Noble Energy Inc 6% 1/3/2041 362,000 USD 341,228 390,128 0.09NuStar Logistics LP 8.15% 15/4/2018 800,000 USD 799,716 840,000 0.19Oglethorpe Power Corp 4.25% 1/4/2046 295,000 USD 290,224 311,774 0.07Oglethorpe Power Corp 5.375% 1/11/2040 902,000 USD 900,175 1,089,060 0.25Oglethorpe Power Corp 5.95% 1/11/2039 980,000 USD 980,000 1,221,719 0.28Omnicom Group Inc 3.6% 15/4/2026 1,535,000 USD 1,533,609 1,603,453 0.37Omnicom Group Inc 4.45% 15/8/2020 548,000 USD 547,221 604,268 0.14Oncor Electric Delivery Co LLC 5.25% 30/9/2040 737,000 USD 732,618 911,379 0.21Oracle Corp 2.65% 15/7/2026 4,400,000 USD 4,383,455 4,404,606 1.02Pacific Gas & Electric Co 5.4% 15/1/2040 932,000 USD 921,666 1,192,491 0.28Penske Truck Leasing Co Lp / PTL Finance Corp 4.875% 11/7/2022 '144A' 1,314,000 USD 1,314,790 1,431,058 0.33Perrigo Co Plc 4% 15/11/2023 762,000 USD 759,661 786,202 0.18Pfizer Inc 5.6% 15/9/2040 313,000 USD 308,565 402,481 0.09PNC Financial Services Group Inc FRN Perpetual Series R 581,000 USD 581,000 556,308 0.13Pricoa Global Funding I 2.55% 24/11/2020 '144A' 1,391,000 USD 1,391,000 1,433,452 0.33Prudential Financial Inc FRN 15/9/2042 530,000 USD 558,295 569,750 0.13Puget Sound Energy Inc 5.757% 1/10/2039 664,000 USD 664,000 885,110 0.20Qwest Corp 6.75% 1/12/2021 1,250,000 USD 1,237,890 1,339,374 0.31Rayonier Inc 3.75% 1/4/2022 741,000 USD 740,073 743,896 0.17Realty Income Corp 2% 31/1/2018 2,000,000 USD 1,999,464 2,014,184 0.47Reliance Holding USA Inc 6.25% 19/10/2040 '144A' 686,000 USD 680,577 822,766 0.19Reliance Standard Life Global Funding II 3.05% 20/1/2021 '144A' 614,000 USD 613,359 633,143 0.15Republic Services Inc 5.25% 15/11/2021 1,250,000 USD 1,249,970 1,444,208 0.33Ryder System Inc 2.65% 2/3/2020 'MTN' 1,538,000 USD 1,537,260 1,558,205 0.36SABMiller Holdings Inc 4.95% 15/1/2042 '144A' 276,000 USD 274,439 320,369 0.07SC Johnson & Son Inc 4.75% 15/10/2046 '144A' 649,000 USD 647,776 761,256 0.18SES Global Americas Holdings GP 5.3% 25/3/2044 '144A' 1,448,000 USD 1,413,703 1,371,696 0.32Simon Property Group LP 4.375% 1/3/2021 1,131,000 USD 1,129,025 1,251,181 0.29South Carolina Electric & Gas Co 4.1% 15/6/2046 1,579,000 USD 1,575,754 1,673,721 0.39Southern California Edison Co 1.845% 1/2/2022 1,443,429 USD 1,443,429 1,433,889 0.33Southwestern Electric Power Co 6.2% 15/3/2040 245,000 USD 244,920 305,528 0.07Spectra Energy Partners LP 3.5% 15/3/2025 1,491,000 USD 1,485,581 1,526,024 0.35SunTrust Bank/Atlanta GA 2.75% 1/5/2023 'BKNT' 1,150,000 USD 1,147,273 1,166,599 0.27Time Warner Cable Inc 5.875% 15/11/2040 553,000 USD 552,183 599,828 0.14Time Warner Inc 6.5% 15/11/2036 720,000 USD 721,971 897,960 0.21

204




% net assets



Time Warner Inc 7.7% 1/5/2032 820,000 USD 847,319 1,142,858 0.26Tyson Foods Inc 3.95% 15/8/2024 1,084,000 USD 1,081,329 1,175,644 0.27Tyson Foods Inc 5.15% 15/8/2044 641,000 USD 638,628 740,302 0.17Union Electric Co 5.3% 1/8/2037 420,000 USD 419,062 525,218 0.12United States Treasury Note/Bond 0.75% 31/10/2017 8,500,000 USD 8,498,254 8,519,922 1.96United States Treasury Note/Bond 0.875% 31/1/2017 3,500,000 USD 3,507,924 3,508,750 0.81United States Treasury Note/Bond 1.5% 31/5/2020 3,000,000 USD 3,026,223 3,067,969 0.71United States Treasury Note/Bond 1.5% 31/1/2022 1,000,000 USD 999,693 1,019,531 0.24United States Treasury Note/Bond 2.5% 15/2/2045 750,000 USD 749,859 783,516 0.18UnitedHealth Group Inc 5.7% 15/10/2040 584,000 USD 580,981 748,590 0.17Unum Group 5.625% 15/9/2020 195,000 USD 197,694 218,339 0.05US Bancorp 3.1% 27/4/2026 'MTN' 537,000 USD 536,594 556,891 0.13Valero Energy Corp 10.5% 15/3/2039 1,060,000 USD 1,174,607 1,543,601 0.36Ventas Realty LP / Ventas Capital Corp 4% 30/4/2019 1,061,000 USD 1,058,823 1,118,812 0.26Verisk Analytics Inc 5.5% 15/6/2045 813,000 USD 810,316 844,902 0.20Verizon Communications Inc 4.4% 1/11/2034 2,000,000 USD 1,986,740 2,075,350 0.48Verizon Communications Inc 4.672% 15/3/2055 2,277,000 USD 2,225,283 2,312,585 0.53Verizon Communications Inc 4.862% 21/8/2046 306,000 USD 322,963 334,603 0.08Verizon Communications Inc 5.012% 21/8/2054 1,192,000 USD 1,191,791 1,267,536 0.29Virginia Electric & Power Co 8.875% 15/11/2038 170,000 USD 169,992 287,562 0.07Visa Inc 4.3% 14/12/2045 844,000 USD 842,617 976,965 0.23Volkswagen Group of America Finance LLC 1.25% 23/5/2017 '144A' 750,000 USD 735,628 748,367 0.17Walgreens Boots Alliance Inc 3.45% 1/6/2026 1,090,000 USD 1,087,279 1,113,134 0.26WEA Finance LLC / Westfield UK & Europe Finance Plc 3.25% 5/10/2020 '144A' 942,000 USD 939,253 979,072 0.23Wells Fargo & Co 4.1% 3/6/2026 'MTN' 1,000,000 USD 1,001,956 1,066,422 0.25Wells Fargo & Co 4.3% 22/7/2027 'GMTN' 1,106,000 USD 1,172,743 1,195,095 0.28Wells Fargo & Co 4.9% 17/11/2045 'GMTN' 638,000 USD 633,242 689,809 0.16Wells Fargo Bank NA FRN 22/1/2018 'BKNT' 2,000,000 USD 2,000,000 2,008,682 0.46Wells Fargo Bank NA 1.75% 24/5/2019 3,000,000 USD 2,998,751 3,038,073 0.70Wyndham Worldwide Corp 4.25% 1/3/2022 858,000 USD 854,036 903,175 0.21Wyndham Worldwide Corp 5.1% 1/10/2025 949,000 USD 948,703 1,032,869 0.24

292,137,559 315,082,771 72.76

Total Bonds 370,888,016 396,614,535 91.59

SECURITISED ASSETS

United States of America Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 '144A' 903,000 USD 896,721 900,950 0.21Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 '144A' 519,000 USD 518,988 519,825 0.12Ascentium Equipment Receivables 2016-1 Trust 1.92% 10/12/2019 '144A' 237,000 USD 236,980 237,494 0.05Aventura Mall Trust 2013-AVM FRN 5/12/2032 '144A' 1,056,000 USD 1,133,237 1,141,264 0.26BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 '144A' 3,000,000 USD 3,089,830 3,128,125 0.72California Republic Auto Receivables Trust 2015-4 2.04% 15/1/2020 '144A' 3,000,000 USD 3,006,831 3,028,322 0.70CarMax Auto Owner Trust 2016-2 1.52% 16/2/2021 '2016 2 A3' 1,520,000 USD 1,519,917 1,528,171 0.35Chrysler Capital Auto Receivables Trust 2015-B 1.91% 16/3/2020 '144A' 2,530,000 USD 2,529,662 2,545,809 0.59Citibank Credit Card Issuance Trust FRN 24/7/2020 '2013 A4 A4' 623,000 USD 625,239 622,752 0.14Citibank Credit Card Issuance Trust 1.23% 24/4/2019 '2014 A4 A4' 749,000 USD 751,165 748,777 0.17Dell Equipment Finance Trust 2014-1 1.36% 22/6/2020 '144A' 96,069 USD 96,062 96,042 0.02Dell Equipment Finance Trust 2015-1 1.3% 23/3/2020 '144A' 757,000 USD 756,948 756,873 0.17Dell Equipment Finance Trust 2015-1 1.81% 23/3/2020 '144A' 877,000 USD 876,896 877,785 0.20Ford Credit Auto Owner Trust 2014-C 1.97% 15/4/2020 '2014 C B' 615,000 USD 614,907 620,482 0.15Ford Credit Floorplan Master Owner Trust A 1.42% 15/1/2020 '2015 1 A1' 3,229,000 USD 3,228,487 3,238,662 0.75GM Financial Automobile Leasing Trust 1.62% 20/9/2019 '2016 2 A3' 1,169,000 USD 1,168,885 1,175,791 0.27Marriott Vacation Club Owner Trust 2012-1 2.51% 20/5/2030 '144A' 670,800 USD 670,707 675,163 0.16

205




% net assets



SBA Tower Trust 2.898% 15/10/2019 '144A' 2,000,000 USD 2,000,000 2,024,685 0.47Sierra Timeshare 2012-2 Receivables Funding LLC 2.38% 20/3/2029 '144A' 248,089 USD 248,059 248,026 0.06Toyota Auto Receivables Owner Trust 1.02% 15/10/2018 '2016 B A2A' 2,359,000 USD 2,358,957 2,361,860 0.55Volvo Financial Equipment LLC Series 2014-1 0.82% 16/4/2018 '144A' 632,851 USD 632,793 631,921 0.15

26,961,271 27,108,779 6.26


SHARES

United States of America State Street Corp - Pref 24,000 USD 600,000 640,800 0.15

Total Shares 600,000 640,800 0.15




206




% net assets



MUTUAL FUNDS

United States of America Eaton Vance Senior Floating-Rate Trust 3,200 USD 36,765 41,792 0.08Invesco Senior Income Trust 37,374 USD 149,172 153,981 0.31Voya Prime Rate Trust 11,000 USD 50,600 55,880 0.11

236,537 251,653 0.50

Total Mutual Funds 236,537 251,653 0.50

BONDS


Austria JBS Investments GmbH 7.25% 3/4/2024 '144A' 200,000 USD 209,239 206,000 0.41

Bermuda Aircastle Ltd 4.625% 15/12/2018 75,000 USD 77,374 77,438 0.15

Canada Barrick Gold Corp 4.1% 1/5/2023 30,000 USD 29,318 31,591 0.06Bombardier Inc 4.75% 15/4/2019 '144A' 180,000 USD 176,328 171,900 0.34Bombardier Inc 5.5% 15/9/2018 '144A' 60,000 USD 59,898 59,475 0.12Bombardier Inc 6.125% 15/1/2023 '144A' 86,000 USD 79,044 73,745 0.15Bombardier Inc 7.5% 15/3/2025 '144A' 107,000 USD 92,600 93,090 0.18Concordia International Corp 7% 15/4/2023 '144A' 50,000 USD 50,152 42,375 0.08Jupiter Resources Inc 8.5% 1/10/2022 '144A' 70,000 USD 62,009 50,400 0.10Methanex Corp 5.65% 1/12/2044 73,000 USD 71,788 60,747 0.12Royal Bank of Canada 2% 10/12/2018 400,000 USD 399,925 406,254 0.80Teck Resources Ltd 3.75% 1/2/2023 85,000 USD 75,909 64,388 0.13Valeant Pharmaceuticals International Inc 5.875% 15/5/2023 '144A' 140,000 USD 142,203 112,700 0.22Valeant Pharmaceuticals International Inc 6.125% 15/4/2025 '144A' 46,000 USD 38,107 37,088 0.07

1,277,281 1,203,753 2.37

Cayman Islands Transocean Inc 5.05% 15/10/2022 140,000 USD 112,960 97,913 0.19

France BNP Paribas SA FRN Perpetual '144A' 200,000 USD 200,000 197,750 0.39Credit Agricole SA FRN Perpetual '144A' 200,000 USD 200,000 198,000 0.39Electricite de France SA FRN Perpetual '144A' 50,000 USD 50,600 47,500 0.09Numericable-SFR SA 5.375% 15/5/2022 '144A' 170,000 EUR 194,908 190,870 0.38Numericable-SFR SA 7.375% 1/5/2026 '144A' 200,000 USD 200,000 196,500 0.39

845,508 830,620 1.64

Guernsey Credit Suisse Group Funding Guernsey Ltd 4.55% 17/4/2026 '144A' 250,000 USD 249,941 258,458 0.51

Ireland AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 3.95% 1/2/2022 150,000 USD 149,725 149,625 0.29AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.625% 30/10/2020 150,000 USD 150,000 154,875 0.31Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc FRN 15/12/2019 '144A' 280,000 USD 275,696 281,050 0.55

575,421 585,550 1.15

(expressed in USD)

US STRATEGIC INCOME BOND FUND

207




% net assets


US STRATEGIC INCOME BOND FUND (continued)

Italy Enel SpA FRN 24/9/2073 '144A' 200,000 USD 232,903 228,000 0.45Intesa Sanpaolo SpA 5.017% 26/6/2024 '144A' 200,000 USD 195,898 183,264 0.36

428,801 411,264 0.81

Luxembourg Actavis Funding SCS 4.75% 15/3/2045 121,000 USD 117,566 127,705 0.25INEOS Group Holdings SA 6.5% 15/8/2018 '144A' 100,000 EUR 114,617 112,277 0.22Prologis International Funding II SA 4.875% 15/2/2020 '144A' 200,000 USD 210,410 216,422 0.43Wind Acquisition Finance SA 4% 15/7/2020 '144A' 125,000 EUR 140,707 136,872 0.27

583,300 593,276 1.17

Netherlands ABN AMRO Bank NV 2.45% 4/6/2020 '144A' 202,000 USD 201,754 206,759 0.40Mylan NV 3.15% 15/6/2021 '144A' 124,000 USD 123,858 125,619 0.25NXP BV / NXP Funding LLC 4.125% 1/6/2021 '144A' 200,000 USD 200,000 203,000 0.40Petrobras Global Finance BV 4.375% 20/5/2023 150,000 USD 134,037 121,313 0.24Schaeffler Finance BV 3.25% 15/5/2019 '144A' 100,000 EUR 113,709 112,499 0.22Schaeffler Finance BV 4.75% 15/5/2021 '144A' 200,000 USD 201,238 203,000 0.40Schaeffler Holding Finance BV 5.75% 15/11/2021 '144A' 60,000 EUR 71,453 71,284 0.14Shell International Finance BV 2.875% 10/5/2026 125,000 USD 124,596 127,116 0.25Shell International Finance BV 4% 10/5/2046 200,000 USD 196,414 206,198 0.41

1,367,059 1,376,788 2.71

Switzerland Credit Suisse AG 6.5% 8/8/2023 '144A' 340,000 USD 372,919 353,767 0.70Credit Suisse Group AG FRN Perpetual '144A' 230,000 USD 239,927 230,690 0.45

612,846 584,457 1.15

United Kingdom Anglo American Capital Plc 3.625% 14/5/2020 '144A' 200,000 USD 199,782 192,250 0.38Barclays Bank Plc 7.625% 21/11/2022 200,000 USD 225,113 215,250 0.42Barclays Plc FRN Perpetual 200,000 EUR 238,853 206,878 0.41Barclays Plc FRN Perpetual 300,000 USD 317,023 292,404 0.58Barclays Plc 4.375% 12/1/2026 76,000 USD 75,647 76,685 0.15EnQuest Plc 7% 15/4/2022 '144A' 200,000 USD 171,280 120,000 0.24HSBC Holdings Plc FRN Perpetual 430,000 USD 432,867 430,000 0.85Invesco Finance Plc 3.125% 30/11/2022 175,000 USD 173,476 182,604 0.36Royal Bank of Scotland Group Plc FRN Perpetual 298,000 USD 298,000 271,180 0.53Royal Bank of Scotland Group Plc 6.125% 15/12/2022 490,000 USD 520,913 510,391 1.00Santander UK Plc 2.5% 14/3/2019 400,000 USD 399,373 404,038 0.80Santander UK Plc 5% 7/11/2023 '144A' 200,000 USD 205,412 205,248 0.40Virgin Media Secured Finance Plc 5.125% 15/1/2025 '144A' 225,000 GBP 350,867 294,007 0.58

3,608,606 3,400,935 6.70

United States of America 24 Hour Holdings III LLC 8% 1/6/2022 '144A' 100,000 USD 84,266 75,750 0.15AbbVie Inc 2.9% 6/11/2022 80,000 USD 78,550 81,343 0.16AbbVie Inc 3.2% 14/5/2026 102,000 USD 101,616 103,323 0.20AbbVie Inc 4.45% 14/5/2046 122,000 USD 121,519 124,069 0.24AbbVie Inc 4.7% 14/5/2045 56,000 USD 55,560 59,427 0.12Actavis Funding SCS 3.85% 15/6/2024 90,000 USD 88,901 93,580 0.18AES Corp/VA 5.5% 15/4/2025 180,000 USD 176,731 178,650 0.35Aetna Inc 2.4% 15/6/2021 250,000 USD 249,975 255,276 0.50AIG SunAmerica Global Financing X 6.9% 15/3/2032 '144A' 175,000 USD 225,905 228,218 0.45Ally Financial Inc 5.75% 20/11/2025 250,000 USD 247,807 248,750 0.49American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 168,031 USD 177,586 182,734 0.36American Airlines 2013-2 Class B Pass Through Trust 5.6% 15/7/2020 '144A' 267,190 USD 273,777 275,873 0.54American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 167,000 USD 167,000 172,010 0.34

208




% net assets



American Airlines Group Inc 6.125% 1/6/2018 100,000 USD 102,189 103,750 0.20American Tower Corp 3.3% 15/2/2021 171,000 USD 170,772 178,137 0.35American Tower Corp 3.375% 15/10/2026 116,000 USD 114,860 116,301 0.23American Tower Trust I 3.07% 15/3/2048 '144A' 375,000 USD 366,188 385,411 0.76Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 117,000 USD 116,792 125,444 0.25Anheuser-Busch InBev Finance Inc 4.7% 1/2/2036 138,000 USD 136,876 155,645 0.31Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 253,000 USD 252,414 297,627 0.59Antero Resources Corp 5.125% 1/12/2022 35,000 USD 30,920 33,075 0.07Antero Resources Corp 5.375% 1/11/2021 190,000 USD 170,666 185,725 0.37AT&T Inc 4.5% 15/5/2035 55,000 USD 51,457 56,295 0.11Bank of America Corp FRN Perpetual 165,000 USD 165,000 167,269 0.33Bank of America Corp FRN Perpetual 159,000 USD 159,000 167,602 0.33Bank of America Corp 3.3% 11/1/2023 'GMTN' 120,000 USD 118,568 123,603 0.24Bank of America Corp 3.95% 21/4/2025 163,000 USD 158,654 165,672 0.33Bank of America Corp 4.2% 26/8/2024 'MTN' 212,000 USD 211,971 219,523 0.43Beazer Homes USA Inc 5.75% 15/6/2019 165,000 USD 164,076 150,150 0.30Becton Dickinson and Co 3.734% 15/12/2024 50,000 USD 49,972 54,000 0.11Berkshire Hathaway Energy Co 6.125% 1/4/2036 50,000 USD 59,035 66,136 0.13BMW US Capital LLC 2% 11/4/2021 '144A' 357,000 USD 356,146 360,429 0.71Boyd Gaming Corp 6.875% 15/5/2023 100,000 USD 101,823 106,500 0.21Broadridge Financial Solutions Inc 3.4% 27/6/2026 156,000 USD 155,360 158,248 0.31California Resources Corp 8% 15/12/2022 '144A' 167,000 USD 85,423 118,988 0.23Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 '144A' 270,000 USD 265,533 301,049 0.59Caterpillar Financial Services Corp 2.05% 1/8/2016 500,000 USD 500,573 500,510 0.99CCO Holdings LLC / CCO Holdings Capital Corp 5.875% 1/5/2027 '144A' 140,000 USD 137,923 142,275 0.28Cemex Finance LLC 6% 1/4/2024 '144A' 200,000 USD 198,193 193,940 0.38Cemex Finance LLC 9.375% 12/10/2022 '144A' 225,000 USD 247,084 246,647 0.49Centene Corp 4.75% 15/5/2022 100,000 USD 101,734 101,125 0.20Centene Corp 6.125% 15/2/2024 '144A' 100,000 USD 100,000 105,750 0.21Chaparral Energy Inc 7.625% 15/11/2022 (Defaulted) 225,000 USD 178,735 132,750 0.26Charter Communications Operating LLC / Charter Communications Operating Capital 6.384% 23/10/2035 '144A' 141,000 USD 141,000 165,778 0.33Charter Communications Operating LLC / Charter Communications Operating Capital 6.834% 23/10/2055 '144A' 175,000 USD 175,000 206,988 0.41Chesapeake Energy Corp 8% 15/12/2022 '144A' 87,000 USD 40,685 73,950 0.15Chevron Corp 2.1% 16/5/2021 250,000 USD 250,000 254,478 0.50Chevron Corp 2.954% 16/5/2026 215,000 USD 215,000 221,733 0.44Churchill Downs Inc 5.375% 15/12/2021 '144A' 168,000 USD 169,520 172,200 0.34Citgo Holding Inc 10.75% 15/2/2020 '144A' 200,000 USD 205,532 202,000 0.40Citigroup Inc FRN Perpetual 280,000 USD 276,850 275,799 0.54Citigroup Inc FRN Perpetual Series R 73,000 USD 73,000 74,000 0.15Citigroup Inc FRN Perpetual Series T 177,000 USD 177,000 181,204 0.36CME Group Inc/IL 3% 15/3/2025 140,000 USD 137,126 146,402 0.29CNH Industrial Capital LLC 3.875% 16/7/2018 189,000 USD 188,549 187,583 0.37Columbia Pipeline Group Inc 3.3% 1/6/2020 75,000 USD 75,178 77,541 0.15Columbia Pipeline Group Inc 4.5% 1/6/2025 50,000 USD 49,752 53,803 0.11Columbia Pipeline Group Inc 5.8% 1/6/2045 50,000 USD 50,119 57,397 0.11Comcast Corp 3.375% 15/8/2025 75,000 USD 74,432 80,749 0.16Concho Resources Inc 5.5% 1/4/2023 150,000 USD 149,675 150,938 0.30Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/4/2026 130,813 USD 132,993 138,662 0.27Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125% 29/4/2018 230,000 USD 236,581 242,075 0.48Continental Resources Inc/OK 4.5% 15/4/2023 150,000 USD 146,061 140,625 0.28Crown Americas LLC / Crown Americas Capital Corp IV 4.5% 15/1/2023 100,000 USD 96,851 102,350 0.20Daimler Finance North America LLC 2.25% 2/3/2020 '144A' 150,000 USD 148,642 152,782 0.30DCP Midstream LLC FRN 21/5/2043 '144A' 150,000 USD 126,461 106,500 0.21Denbury Resources Inc 5.5% 1/5/2022 50,000 USD 36,220 34,000 0.07Devon Energy Corp 5.85% 15/12/2025 104,000 USD 103,956 114,102 0.22Diamond 1 Finance Corp / Diamond 2 Finance Corp 6.02% 15/6/2026 '144A' 100,000 USD 99,820 103,707 0.20

209




% net assets



Diamond 1 Finance Corp / Diamond 2 Finance Corp 7.125% 15/6/2024 '144A' 100,000 USD 100,000 103,727 0.20Diamond 1 Finance Corp / Diamond 2 Finance Corp 8.35% 15/7/2046 '144A' 303,000 USD 302,759 325,411 0.64Discover Financial Services 3.95% 6/11/2024 75,000 USD 73,563 76,947 0.15DISH DBS Corp 5% 15/3/2023 90,000 USD 85,277 82,079 0.16DISH DBS Corp 5.875% 15/7/2022 165,000 USD 164,559 159,225 0.31DISH DBS Corp 7.75% 1/7/2026 '144A' 133,000 USD 133,000 136,325 0.27DJO Finco Inc / DJO Finance LLC / DJO Finance Corp 8.125% 15/6/2021 '144A' 50,000 USD 51,442 42,750 0.08Dynegy Inc 6.75% 1/11/2019 50,000 USD 51,526 49,719 0.10Energy Transfer Partners LP 4.9% 15/3/2035 70,000 USD 64,705 61,997 0.12Energy Transfer Partners LP 5.15% 15/3/2045 55,000 USD 50,399 50,131 0.10Energy Transfer Partners LP 6.125% 15/12/2045 125,000 USD 124,539 130,179 0.26EnLink Midstream Partners LP 4.15% 1/6/2025 80,000 USD 78,723 73,118 0.14Enterprise Products Operating LLC 3.7% 15/2/2026 90,000 USD 88,720 93,767 0.18Enterprise Products Operating LLC 4.95% 15/10/2054 80,000 USD 76,007 81,145 0.16EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 110,000 USD 110,659 67,100 0.13Exelon Corp 3.95% 15/6/2025 90,000 USD 90,213 96,320 0.19Exelon Corp 5.1% 15/6/2045 75,000 USD 74,784 86,481 0.17Express Scripts Holding Co 4.8% 15/7/2046 105,000 USD 104,816 104,816 0.21FirstEnergy Corp 4.25% 15/3/2023 70,000 USD 70,686 71,887 0.14FirstEnergy Corp 7.375% 15/11/2031 60,000 USD 73,463 74,580 0.15Five Corners Funding Trust 4.419% 15/11/2023 '144A' 240,000 USD 247,915 259,257 0.51Florida East Coast Holdings Corp 6.75% 1/5/2019 '144A' 90,000 USD 89,869 89,550 0.18Florida East Coast Holdings Corp 9.75% 1/5/2020 '144A' 100,000 USD 96,617 84,250 0.17Ford Motor Credit Co LLC 2.24% 15/6/2018 175,000 USD 175,125 176,723 0.35Fortive Corp 2.35% 15/6/2021 '144A' 131,000 USD 130,970 132,596 0.26Freeport-McMoRan Inc 3.875% 15/3/2023 15,000 USD 8,701 12,994 0.03Freeport-McMoRan Inc 4.55% 14/11/2024 208,000 USD 97,562 182,584 0.36Freeport-McMoRan Inc 5.4% 14/11/2034 390,000 USD 343,287 310,049 0.61Frontier Communications Corp 7.125% 15/3/2019 160,000 USD 164,838 169,200 0.33Frontier Communications Corp 10.5% 15/9/2022 50,000 USD 49,778 52,625 0.10Frontier Communications Corp 11% 15/9/2025 50,000 USD 49,654 51,563 0.10General Electric Co FRN Perpetual 735,000 USD 672,486 777,262 1.54General Electric Co 6.75% 15/3/2032 'MTNA' 100,000 USD 129,874 140,674 0.28General Motors Co 3.5% 2/10/2018 230,000 USD 233,794 236,454 0.47General Motors Co 5% 1/4/2035 160,000 USD 157,242 159,768 0.31General Motors Co 6.25% 2/10/2043 70,000 USD 77,822 77,990 0.15General Motors Financial Co Inc 4.2% 1/3/2021 119,000 USD 123,031 124,935 0.25GenOn Energy Inc 9.5% 15/10/2018 120,000 USD 122,971 95,100 0.19Gibson Brands Inc 8.875% 1/8/2018 '144A' 110,000 USD 86,763 61,188 0.12Gilead Sciences Inc 4.5% 1/2/2045 90,000 USD 90,315 97,898 0.19Gilead Sciences Inc 4.8% 1/4/2044 150,000 USD 156,727 168,568 0.33GLP Capital LP / GLP Financing II Inc 5.375% 15/4/2026 100,000 USD 100,000 102,875 0.20Goldman Sachs Group Inc FRN Perpetual 160,000 USD 158,643 158,600 0.31Goldman Sachs Group Inc 4.25% 21/10/2025 190,000 USD 188,615 196,619 0.39Goldman Sachs Group Inc 5.15% 22/5/2045 131,000 USD 128,872 136,330 0.27Goldman Sachs Group Inc 6.75% 1/10/2037 100,000 USD 117,163 122,453 0.24Gray Television Inc 5.875% 15/7/2026 '144A' 100,000 USD 100,000 100,000 0.20Halcon Resources Corp 8.625% 1/2/2020 '144A' 50,000 USD 50,728 47,250 0.09Halcon Resources Corp 12% 15/2/2022 '144A' 19,000 USD 14,308 17,385 0.03HCA Holdings Inc 6.25% 15/2/2021 450,000 USD 478,660 479,249 0.94HCA Inc 3.75% 15/3/2019 150,000 USD 150,338 155,100 0.31Hospitality Properties Trust 4.5% 15/3/2025 125,000 USD 123,677 125,786 0.25Hughes Satellite Systems Corp 6.5% 15/6/2019 100,000 USD 107,760 107,500 0.21IASIS Healthcare LLC / IASIS Capital Corp 8.375% 15/5/2019 175,000 USD 180,100 167,125 0.33Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.875% 15/3/2019 110,000 USD 111,668 107,250 0.21International Lease Finance Corp 5.875% 1/4/2019 225,000 USD 237,263 239,486 0.47International Lease Finance Corp 7.125% 1/9/2018 '144A' 350,000 USD 379,036 383,687 0.76Janus Capital Group Inc 4.875% 1/8/2025 85,000 USD 84,248 92,265 0.18JPMorgan Chase & Co FRN Perpetual 275,000 USD 273,667 274,312 0.54

210




% net assets



KB Home 4.75% 15/5/2019 120,000 USD 119,956 120,300 0.24KB Home 7.5% 15/9/2022 115,000 USD 120,289 116,501 0.23KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25% 1/6/2026 '144A' 100,000 USD 100,000 101,750 0.20Kinder Morgan Energy Partners LP 5% 15/8/2042 56,000 USD 50,584 52,254 0.10Kraft Heinz Foods Co 4.375% 1/6/2046 '144A' 251,000 USD 250,210 267,000 0.53Kraft Heinz Foods Co 5% 15/7/2035 '144A' 100,000 USD 99,097 115,724 0.23Kraft Heinz Foods Co 5.2% 15/7/2045 '144A' 121,000 USD 120,539 142,234 0.28Landry's Holdings II Inc 10.25% 1/1/2018 '144A' 75,000 USD 76,996 75,563 0.15Landry's Inc 9.375% 1/5/2020 '144A' 40,000 USD 42,481 42,003 0.08Levi Strauss & Co 5% 1/5/2025 60,000 USD 58,725 60,450 0.12Liberty Mutual Group Inc 4.25% 15/6/2023 '144A' 16,000 USD 16,351 16,962 0.03Liberty Mutual Group Inc 4.85% 1/8/2044 '144A' 53,000 USD 51,545 54,437 0.11Live Nation Entertainment Inc 5.375% 15/6/2022 '144A' 50,000 USD 51,170 50,750 0.10M/I Homes Inc 6.75% 15/1/2021 175,000 USD 175,000 174,125 0.34Masco Corp 3.5% 1/4/2021 135,000 USD 134,563 136,350 0.27Memorial Sloan-Kettering Cancer Center 5% 1/7/2042 130,000 USD 139,063 163,761 0.32MGM Resorts International 6.75% 1/10/2020 460,000 USD 485,504 502,549 1.00Micron Technology Inc 7.5% 15/9/2023 '144A' 100,000 USD 100,000 106,500 0.21Morgan Stanley 3.875% 29/4/2024 80,000 USD 80,840 85,423 0.17Morgan Stanley 4% 23/7/2025 'GMTN' 104,000 USD 106,863 111,128 0.22Morgan Stanley 4.1% 22/5/2023 'MTN' 150,000 USD 151,422 154,578 0.30Morgan Stanley 4.35% 8/9/2026 'GMTN' 45,000 USD 45,467 47,228 0.09Morgan Stanley 4.875% 1/11/2022 180,000 USD 190,059 197,243 0.39MPLX LP 5.5% 15/2/2023 '144A' 125,000 USD 127,960 127,055 0.25National Rural Utilities Cooperative Finance Corp FRN 30/4/2043 200,000 USD 201,685 196,200 0.39NBTY Inc 7.625% 15/5/2021 '144A' 100,000 USD 100,000 99,125 0.20Neiman Marcus Group Ltd LLC 8.75% 15/10/2021 '144A' 100,000 USD 106,895 75,500 0.15Neptune Finco Corp 6.625% 15/10/2025 '144A' 200,000 USD 200,000 210,500 0.41Newell Brands Inc 3.85% 1/4/2023 50,000 USD 49,985 53,081 0.10Newell Brands Inc 5.375% 1/4/2036 100,000 USD 100,000 116,003 0.23Newell Brands Inc 5.5% 1/4/2046 100,000 USD 99,639 119,602 0.24Oglethorpe Power Corp 4.55% 1/6/2044 65,000 USD 64,803 69,009 0.14Oncor Electric Delivery Co LLC 2.95% 1/4/2025 160,000 USD 154,895 166,663 0.33ONEOK Inc 7.5% 1/9/2023 80,000 USD 78,945 84,163 0.17Oracle Corp 2.4% 15/9/2023 175,000 USD 174,970 174,970 0.34Oracle Corp 3.85% 15/7/2036 350,000 USD 349,948 349,948 0.69Pacific Gas & Electric Co 4.3% 15/3/2045 105,000 USD 102,549 117,595 0.23Platform Specialty Products Corp 10.375% 1/5/2021 '144A' 100,000 USD 100,000 101,000 0.20Port Authority of New York & New Jersey 4.458% 1/10/2062 150,000 USD 148,772 172,628 0.34Prudential Financial Inc FRN 15/9/2042 95,000 USD 101,169 101,888 0.20PVH Corp 4.5% 15/12/2022 325,000 USD 326,369 328,249 0.65Rain CII Carbon LLC / CII Carbon Corp 8.25% 15/1/2021 '144A' 200,000 USD 195,117 162,000 0.32Regency Energy Partners LP / Regency Energy Finance Corp 5% 1/10/2022 185,000 USD 189,348 188,127 0.37Reynolds American Inc 4.45% 12/6/2025 144,000 USD 146,553 160,834 0.32Reynolds American Inc 5.7% 15/8/2035 56,000 USD 57,295 68,282 0.13Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 7% 15/7/2024 '144A' 100,000 USD 100,000 102,250 0.20Sabine Pass Liquefaction LLC 5.875% 30/6/2026 '144A' 195,000 USD 195,280 195,000 0.38Scientific Games International Inc 7% 1/1/2022 '144A' 110,000 USD 113,792 110,000 0.22SES Global Americas Holdings GP 5.3% 25/3/2044 '144A' 115,000 USD 117,271 108,154 0.21Sirius XM Radio Inc 6% 15/7/2024 '144A' 175,000 USD 176,922 179,704 0.35SM Energy Co 6.125% 15/11/2022 105,000 USD 108,971 96,600 0.19Southern Co 3.25% 1/7/2026 100,000 USD 99,642 103,608 0.20Southern Co 4.4% 1/7/2046 100,000 USD 99,484 107,486 0.21Spectra Energy Partners LP 3.5% 15/3/2025 70,000 USD 67,865 71,687 0.14Spectra Energy Partners LP 4.5% 15/3/2045 130,000 USD 118,852 129,855 0.26Sprint Capital Corp 6.9% 1/5/2019 160,000 USD 163,769 153,600 0.30Sprint Communications Inc 7% 1/3/2020 '144A' 160,000 USD 171,296 166,800 0.33Sprint Corp 7.125% 15/6/2024 100,000 USD 95,523 77,000 0.15Starz LLC / Starz Finance Corp 5% 15/9/2019 225,000 USD 228,144 227,813 0.45Sungard Availability Services Capital Inc 8.75% 1/4/2022 '144A' 110,000 USD 87,177 60,500 0.12Talen Energy Supply LLC 6.5% 1/6/2025 49,000 USD 49,650 40,670 0.08

211




% net assets



Tenet Healthcare Corp 5% 1/3/2019 180,000 USD 179,313 174,262 0.34Tenet Healthcare Corp 6.75% 15/6/2023 75,000 USD 75,368 71,813 0.14Tenet Healthcare Corp 8.125% 1/4/2022 75,000 USD 80,834 76,688 0.15Tenneco Inc 5% 15/7/2026 173,000 USD 173,000 174,730 0.34Tenneco Inc 5.375% 15/12/2024 55,000 USD 56,960 56,925 0.11T-Mobile USA Inc 6% 1/3/2023 90,000 USD 91,043 92,925 0.18T-Mobile USA Inc 6.5% 15/1/2026 100,000 USD 100,000 105,000 0.21Tyson Foods Inc 5.15% 15/8/2044 85,000 USD 88,625 98,345 0.19United States Treasury Note/Bond 1.625% 31/5/2023 600,000 USD 598,218 614,063 1.21US Bancorp 3.1% 27/4/2026 'MTN' 100,000 USD 99,924 104,282 0.21US Foods Inc 5.875% 15/6/2024 '144A' 124,000 USD 124,000 126,325 0.25Verizon Communications Inc 4.272% 15/1/2036 270,000 USD 246,829 277,500 0.55Verizon Communications Inc 4.672% 15/3/2055 69,000 USD 60,637 69,890 0.14Verizon Communications Inc 4.862% 21/8/2046 108,000 USD 102,315 118,905 0.23Verizon Communications Inc 5.012% 21/8/2054 143,000 USD 132,858 151,529 0.30Visa Inc 2.8% 14/12/2022 125,000 USD 124,840 131,615 0.26Visa Inc 4.3% 14/12/2045 192,000 USD 191,685 223,024 0.44Walgreens Boots Alliance Inc 2.6% 1/6/2021 148,000 USD 147,919 150,269 0.30WaveDivision Escrow LLC / WaveDivision Escrow Corp 8.125% 1/9/2020 '144A' 75,000 USD 78,752 78,000 0.15WEC Energy Group Inc 3.55% 15/6/2025 50,000 USD 50,029 53,711 0.11WellCare Health Plans Inc 5.75% 15/11/2020 180,000 USD 187,212 185,850 0.37Wells Fargo & Co FRN Perpetual Series U 106,000 USD 108,891 112,758 0.22Wells Fargo & Co 4.1% 3/6/2026 'MTN' 70,000 USD 70,503 74,831 0.15Wells Fargo & Co 4.3% 22/7/2027 'GMTN' 66,000 USD 69,983 71,220 0.14Wells Fargo & Co 4.48% 16/1/2024 60,000 USD 62,974 65,704 0.13Wells Fargo & Co 4.9% 17/11/2045 'GMTN' 38,000 USD 37,717 41,600 0.08Western Digital Corp 10.5% 1/4/2024 '144A' 200,000 USD 200,000 213,500 0.42WideOpenWest Finance LLC / WideOpenWest Capital Corp 10.25% 15/7/2019 175,000 USD 184,413 180,250 0.36

30,575,161 31,421,605 61.92

Total Bonds 40,602,933 41,130,370 81.04

SECURITISED ASSETS

United States of America American Express Credit Account Master Trust 1.26% 15/1/2020 100,000 USD 100,324 100,417 0.20American Express Credit Account Master Trust 1.43% 15/6/2020 750,000 USD 752,314 755,104 1.48Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 '144A' 19,000 USD 18,868 19,059 0.04Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 '144A' 100,000 USD 99,998 100,159 0.20Aventura Mall Trust 2013-AVM FRN 5/12/2032 '144A' 200,000 USD 214,696 216,286 0.43BA Credit Card Trust FRN 15/6/2020 300,000 USD 300,715 300,338 0.59BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 '144A' 100,000 USD 99,465 103,353 0.20Capital One Multi-Asset Execution Trust FRN 15/2/2022 371,000 USD 371,000 371,630 0.73CarMax Auto Owner Trust 2016-1 FRN 15/4/2019 300,000 USD 300,621 300,069 0.59CarMax Auto Owner Trust 2016-2 1.24% 17/6/2019 553,000 USD 552,957 554,625 1.09CNH Equipment Trust 2015-B 1.37% 15/7/2020 198,000 USD 198,425 198,609 0.39Fannie Mae Pool 2.5% Perpetual 25,000 USD 25,726 25,802 0.05Fannie Mae Pool 3% Perpetual 498,000 USD 512,521 514,982 1.01Fannie Mae Pool 4% 25/7/2039 12,000 USD 12,796 12,858 0.03Fannie Mae Pool 4.5% 13/6/2036 203,000 USD 221,292 221,544 0.44Fannie Mae Pool 'AS6311' 3.5% 1/12/2045 409,898 USD 428,664 432,277 0.85Fannie Mae Pool 'BA4236' 3.5% 1/11/2045 118,256 USD 124,169 124,697 0.25Ford Credit Floorplan Master Owner Trust A 1.2% 15/2/2019 '2014 1 A1' 700,000 USD 700,103 701,759 1.38Freddie Mac Gold Pool 3% 15/3/2027 319,000 USD 333,156 334,452 0.66Freddie Mac Gold Pool 5% 1/11/2041 247,253 USD 273,408 273,373 0.54Freddie Mac Gold Pool 'G08694' 4% 1/2/2046 554,071 USD 591,861 594,148 1.17Ginnie Mae II Pool 3% Perpetual 87,000 USD 90,167 90,657 0.18Ginnie Mae II Pool 3.5% Perpetual 267,000 USD 281,940 282,707 0.56

212




% net assets



GM Financial Automobile Leasing Trust 1.62% 20/9/2019 '2016 2 A3' 147,000 USD 146,986 147,282 0.29Mercedes-Benz Master Owner Trust 2016-A FRN 15/5/2020 '144A' 292,000 USD 292,000 292,437 0.58

7,044,172 7,068,624 13.93


SHARES

United States of America State Street Corp - Pref 5,000 USD 125,000 132,750 0.26

Total Shares 125,000 132,750 0.26




213




% net assets



BONDS


Bermuda Aircastle Ltd 4.625% 15/12/2018 75,000 USD 77,374 77,438 0.15

Canada Barrick Gold Corp 4.1% 1/5/2023 21,000 USD 20,523 22,114 0.04Bombardier Inc 4.75% 15/4/2019 '144A' 130,000 USD 127,348 124,150 0.24Bombardier Inc 5.5% 15/9/2018 '144A' 40,000 USD 39,931 39,650 0.08Bombardier Inc 7.5% 15/3/2025 '144A' 58,000 USD 53,273 50,460 0.10Glencore Finance Canada Ltd 2.7% 25/10/2017 '144A' 250,000 USD 251,453 248,750 0.47Methanex Corp 5.65% 1/12/2044 66,000 USD 64,905 54,922 0.10Valeant Pharmaceuticals International Inc 5.875% 15/5/2023 '144A' 130,000 USD 132,046 104,650 0.20Valeant Pharmaceuticals International Inc 6.125% 15/4/2025 '144A' 46,000 USD 38,107 37,088 0.07

727,586 681,784 1.30

Cayman Islands Transocean Inc 5.05% 15/10/2022 120,000 USD 96,823 83,925 0.16

France BNP Paribas SA FRN Perpetual '144A' 200,000 USD 200,000 197,750 0.38Credit Agricole SA FRN Perpetual '144A' 200,000 USD 200,000 198,000 0.37Electricite de France SA FRN Perpetual '144A' 65,000 USD 65,780 61,750 0.12Numericable-SFR SA 7.375% 1/5/2026 '144A' 200,000 USD 200,000 196,500 0.37

665,780 654,000 1.24

Ireland AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 3.95% 1/2/2022 150,000 USD 149,725 149,625 0.28AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.625% 30/10/2020 150,000 USD 150,000 154,875 0.29Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc FRN 15/12/2019 '144A' 200,000 USD 196,925 200,750 0.39

496,650 505,250 0.96

Italy Enel SpA FRN 24/9/2073 '144A' 200,000 USD 232,903 228,000 0.43Intesa Sanpaolo SpA 5.017% 26/6/2024 '144A' 300,000 USD 293,848 274,895 0.53

526,751 502,895 0.96

Japan Mizuho Bank Ltd 1.7% 25/9/2017 '144A' 200,000 USD 200,177 200,567 0.38

Luxembourg Actavis Funding SCS 4.75% 15/3/2045 111,000 USD 107,859 117,151 0.22Prologis International Funding II SA 4.875% 15/2/2020 '144A' 225,000 USD 236,711 243,476 0.47

344,570 360,627 0.69

Netherlands Mylan NV 3.15% 15/6/2021 '144A' 124,000 USD 123,858 125,619 0.24NXP BV / NXP Funding LLC 4.125% 1/6/2021 '144A' 200,000 USD 200,001 203,000 0.39Petrobras Global Finance BV 4.375% 20/5/2023 115,000 USD 102,762 93,006 0.18Schaeffler Finance BV 4.75% 15/5/2021 '144A' 200,000 USD 201,238 203,000 0.39Schaeffler Holding Finance BV 5.75% 15/11/2021 '144A' 72,000 EUR 85,743 85,541 0.16Shell International Finance BV 2.875% 10/5/2026 125,000 USD 124,596 127,116 0.24Shell International Finance BV 4% 10/5/2046 200,000 USD 196,414 206,199 0.39

1,034,612 1,043,481 1.99

(expressed in USD)

US TOTAL RETURN BOND FUND

214




% net assets


US TOTAL RETURN BOND FUND (continued)

Sweden Swedbank AB 2.2% 4/3/2020 '144A' 200,000 USD 198,547 203,091 0.39

Switzerland Credit Suisse AG 6.5% 8/8/2023 '144A' 340,000 USD 372,919 353,767 0.67Credit Suisse AG/New York NY 3.625% 9/9/2024 'MTN' 75,000 USD 74,754 77,407 0.15Credit Suisse Group AG FRN Perpetual '144A' 200,000 USD 208,631 200,600 0.38

656,304 631,774 1.20

United Kingdom Anglo American Capital Plc 3.625% 14/5/2020 '144A' 200,000 USD 199,782 192,250 0.37Barclays Bank Plc 7.625% 21/11/2022 200,000 USD 225,113 215,250 0.41Barclays Plc FRN Perpetual 200,000 USD 211,348 194,936 0.37Barclays Plc 4.375% 12/1/2026 276,000 USD 274,718 278,488 0.53HSBC Holdings Plc FRN Perpetual 400,000 USD 402,493 400,000 0.76Invesco Finance Plc 3.125% 30/11/2022 75,000 USD 74,347 78,259 0.15Royal Bank of Scotland Group Plc FRN Perpetual 298,000 USD 298,000 271,180 0.52Royal Bank of Scotland Group Plc 6.125% 15/12/2022 385,000 USD 409,288 401,021 0.76Santander UK Plc 2.5% 14/3/2019 200,000 USD 199,686 202,019 0.38Santander UK Plc 5% 7/11/2023 '144A' 200,000 USD 205,412 205,248 0.39

2,500,187 2,438,651 4.64

United States of America AbbVie Inc 2.9% 6/11/2022 70,000 USD 68,731 71,175 0.14AbbVie Inc 3.2% 14/5/2026 102,000 USD 101,616 103,323 0.20AbbVie Inc 4.45% 14/5/2046 99,000 USD 98,481 100,679 0.19AbbVie Inc 4.7% 14/5/2045 26,000 USD 25,795 27,591 0.05Actavis Funding SCS 3.85% 15/6/2024 110,000 USD 108,656 114,376 0.22Aetna Inc 2.4% 15/6/2021 250,000 USD 249,975 255,276 0.49AIG SunAmerica Global Financing X 6.9% 15/3/2032 '144A' 100,000 USD 129,088 130,410 0.25Ally Financial Inc 5.75% 20/11/2025 250,000 USD 247,807 248,750 0.47American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 168,031 USD 177,586 182,734 0.35American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 252,000 USD 252,000 259,560 0.49American Express Credit Corp 2.25% 5/5/2021 'MTN' 175,000 USD 174,897 177,573 0.34American Tower Corp 3.3% 15/2/2021 171,000 USD 170,772 178,137 0.34American Tower Corp 3.375% 15/10/2026 116,000 USD 114,860 116,301 0.22American Tower Trust I 3.07% 15/3/2048 '144A' 275,000 USD 268,538 282,636 0.54Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 207,000 USD 206,622 221,940 0.42Anheuser-Busch InBev Finance Inc 4.7% 1/2/2036 138,000 USD 136,876 155,645 0.30Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 253,000 USD 252,414 297,628 0.57AT&T Inc 4.5% 15/5/2035 51,000 USD 47,715 52,200 0.10Bank of America Corp FRN Perpetual 135,000 USD 135,000 136,856 0.26Bank of America Corp FRN Perpetual 159,000 USD 159,000 167,602 0.32Bank of America Corp 3.3% 11/1/2023 'GMTN' 170,000 USD 167,972 175,104 0.33Bank of America Corp 3.95% 21/4/2025 130,000 USD 126,534 132,131 0.25Bank of America Corp 4.2% 26/8/2024 'MTN' 111,000 USD 110,942 114,939 0.22BMW US Capital LLC 2% 11/4/2021 '144A' 357,000 USD 356,146 360,429 0.69Broadridge Financial Solutions Inc 3.4% 27/6/2026 156,000 USD 155,360 158,248 0.30California Resources Corp 8% 15/12/2022 '144A' 142,000 USD 73,986 101,175 0.19Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 '144A' 270,000 USD 265,533 301,050 0.57Capital One NA/Mclean VA 2.4% 5/9/2019 350,000 USD 347,974 353,908 0.67Caterpillar Financial Services Corp 2.05% 1/8/2016 500,000 USD 500,556 500,510 0.95CDK Global Inc 3.3% 15/10/2019 60,000 USD 59,720 60,088 0.11Centene Corp 4.75% 15/5/2022 100,000 USD 101,734 101,125 0.19Centene Corp 6.125% 15/2/2024 '144A' 100,000 USD 100,000 105,750 0.20Charter Communications Operating LLC / Charter Communications Operating Capital 6.384% 23/10/2035 '144A' 141,000 USD 141,000 165,778 0.32Charter Communications Operating LLC / Charter Communications Operating Capital 6.834% 23/10/2055 '144A' 175,000 USD 175,000 206,988 0.39Chesapeake Energy Corp 8% 15/12/2022 '144A' 43,000 USD 20,109 36,550 0.07

215




% net assets



Chevron Corp 2.1% 16/5/2021 250,000 USD 250,000 254,478 0.48Chevron Corp 2.954% 16/5/2026 215,000 USD 215,000 221,733 0.42Citgo Holding Inc 10.75% 15/2/2020 '144A' 150,000 USD 154,150 151,500 0.29Citigroup Inc FRN Perpetual 70,000 USD 69,212 68,950 0.13Citigroup Inc FRN Perpetual Series R 73,000 USD 73,000 74,000 0.14Citigroup Inc FRN Perpetual Series T 177,000 USD 177,000 181,204 0.34Citigroup Inc 4.05% 30/7/2022 100,000 USD 102,343 105,352 0.20CME Group Inc/IL 3% 15/3/2025 110,000 USD 107,742 115,030 0.22Columbia Pipeline Group Inc 3.3% 1/6/2020 75,000 USD 75,178 77,541 0.15Columbia Pipeline Group Inc 4.5% 1/6/2025 35,000 USD 34,825 37,662 0.07Columbia Pipeline Group Inc 5.8% 1/6/2045 50,000 USD 50,119 57,397 0.11Comcast Corp 3.375% 15/8/2025 88,000 USD 87,334 94,745 0.18Concho Resources Inc 5.5% 1/4/2023 100,000 USD 99,784 100,625 0.19Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/10/2025 85,234 USD 87,349 89,922 0.17Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/4/2026 130,813 USD 132,993 138,662 0.26Continental Resources Inc 4.5% 15/4/2023 50,000 USD 48,687 46,875 0.09Daimler Finance North America LLC 2.25% 2/3/2020 '144A' 150,000 USD 148,642 152,782 0.29DCP Midstream LLC FRN 21/5/2043 '144A' 100,000 USD 84,307 71,000 0.14Denbury Resources Inc 9% 15/5/2021 '144A' 20,000 USD 19,558 19,700 0.04Devon Energy Corp 5.85% 15/12/2025 104,000 USD 103,956 114,102 0.22Diamond 1 Finance Corp / Diamond 2 Finance Corp 6.02% 15/6/2026 '144A' 100,000 USD 99,820 103,707 0.20Diamond 1 Finance Corp / Diamond 2 Finance Corp 7.125% 15/6/2024 '144A' 100,000 USD 100,000 103,727 0.20Diamond 1 Finance Corp / Diamond 2 Finance Corp 8.35% 15/7/2046 '144A' 303,000 USD 302,759 325,412 0.62Discover Financial Services 3.95% 6/11/2024 65,000 USD 63,755 66,687 0.13DISH DBS Corp 7.75% 1/7/2026 '144A' 107,000 USD 107,000 109,675 0.21Dynegy Inc 6.75% 1/11/2019 50,000 USD 51,526 49,719 0.09Energy Transfer Partners LP 4.9% 15/3/2035 80,000 USD 73,951 70,854 0.13Energy Transfer Partners LP 5.15% 15/3/2045 50,000 USD 45,817 45,574 0.09Energy Transfer Partners LP 6.125% 15/12/2045 125,000 USD 124,539 130,179 0.25EnLink Midstream Partners LP 4.15% 1/6/2025 75,000 USD 73,804 68,548 0.13Enterprise Products Operating LLC 3.7% 15/2/2026 160,000 USD 157,726 166,696 0.32Enterprise Products Operating LLC 4.95% 15/10/2054 55,000 USD 52,255 55,787 0.11EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 100,000 USD 100,598 61,000 0.12Exelon Corp 3.95% 15/6/2025 90,000 USD 90,213 96,320 0.18Exelon Corp 5.1% 15/6/2045 75,000 USD 74,784 86,481 0.16Express Scripts Holding Co 4.8% 15/7/2046 105,000 USD 104,816 104,816 0.20FirstEnergy Corp 4.25% 15/3/2023 40,000 USD 40,392 41,078 0.08FirstEnergy Corp 7.375% 15/11/2031 70,000 USD 85,707 87,010 0.17Five Corners Funding Trust 4.419% 15/11/2023 '144A' 280,000 USD 289,234 302,467 0.58Florida East Coast Holdings Corp 6.75% 1/5/2019 '144A' 70,000 USD 69,898 69,650 0.13Ford Motor Credit Co LLC 2.24% 15/6/2018 200,000 USD 200,142 201,969 0.38Fortive Corp 2.35% 15/6/2021 '144A' 131,000 USD 130,970 132,596 0.25Freeport-McMoRan Inc 3.875% 15/3/2023 20,000 USD 11,602 17,325 0.03Freeport-McMoRan Inc 4.55% 14/11/2024 292,000 USD 134,690 256,321 0.49Freeport-McMoRan Inc 5.4% 14/11/2034 240,000 USD 211,253 190,800 0.36Frontier Communications Corp 10.5% 15/9/2022 100,000 USD 100,000 105,250 0.20General Electric Co FRN Perpetual 606,000 USD 557,331 640,844 1.22General Electric Co 3.1% 9/1/2023 'GMTN' 130,000 USD 130,390 138,913 0.26General Motors Co 3.5% 2/10/2018 210,000 USD 213,464 215,892 0.41General Motors Co 5% 1/4/2035 150,000 USD 147,415 149,782 0.29General Motors Co 6.25% 2/10/2043 50,000 USD 55,588 55,707 0.11General Motors Financial Co Inc 4.2% 1/3/2021 80,000 USD 82,710 83,990 0.16Gilead Sciences Inc 4.8% 1/4/2044 55,000 USD 57,467 61,808 0.12Goldman Sachs Group Inc FRN Perpetual 130,000 USD 128,897 128,863 0.25Goldman Sachs Group Inc 2.375% 22/1/2018 130,000 USD 131,001 131,694 0.25Goldman Sachs Group Inc 4.25% 21/10/2025 173,000 USD 171,741 179,027 0.34Goldman Sachs Group Inc 5.15% 22/5/2045 127,000 USD 124,937 132,167 0.25Goldman Sachs Group Inc 6.75% 1/10/2037 60,000 USD 70,297 73,472 0.14Gray Television Inc 5.875% 15/7/2026 '144A' 100,000 USD 100,000 100,000 0.19

216




% net assets



HCA Inc 3.75% 15/3/2019 300,000 USD 300,677 310,200 0.59Hospitality Properties Trust 4.5% 15/3/2025 140,000 USD 138,518 140,880 0.27Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.875% 15/3/2019 100,000 USD 101,517 97,500 0.19International Lease Finance Corp 5.875% 1/4/2019 100,000 USD 105,451 106,438 0.20International Lease Finance Corp 7.125% 1/9/2018 '144A' 225,000 USD 243,665 246,656 0.47Janus Capital Group Inc 4.875% 1/8/2025 85,000 USD 84,248 92,265 0.18JPMorgan Chase & Co FRN Perpetual 275,000 USD 273,667 274,313 0.52KB Home 4.75% 15/5/2019 100,000 USD 99,963 100,250 0.19KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25% 1/6/2026 '144A' 100,000 USD 100,000 101,750 0.19Kraft Heinz Foods Co 1.6% 30/6/2017 '144A' 250,000 USD 249,922 250,777 0.48Kraft Heinz Foods Co 4.375% 1/6/2046 '144A' 251,000 USD 250,210 267,001 0.51Kraft Heinz Foods Co 5% 15/7/2035 '144A' 100,000 USD 99,097 115,724 0.22Kraft Heinz Foods Co 5.2% 15/7/2045 '144A' 121,000 USD 120,539 142,234 0.27Levi Strauss & Co 5% 1/5/2025 40,000 USD 39,149 40,300 0.08Liberty Mutual Group Inc 4.25% 15/6/2023 '144A' 10,000 USD 10,219 10,601 0.02Liberty Mutual Group Inc 4.85% 1/8/2044 '144A' 31,000 USD 30,149 31,841 0.06Masco Corp 3.5% 1/4/2021 135,000 USD 134,563 136,350 0.26Memorial Sloan-Kettering Cancer Center 5% 1/7/2042 60,000 USD 64,183 75,582 0.14Micron Technology Inc 7.5% 15/9/2023 '144A' 100,000 USD 100,000 106,500 0.20Morgan Stanley 2.375% 23/7/2019 'GMTN' 165,000 USD 164,424 167,446 0.32Morgan Stanley 3.875% 29/4/2024 270,000 USD 272,831 288,304 0.55Morgan Stanley 4% 23/7/2025 'GMTN' 104,000 USD 106,863 111,128 0.21Morgan Stanley 4.1% 22/5/2023 'MTN' 230,000 USD 232,182 237,019 0.45Morgan Stanley 4.875% 1/11/2022 180,000 USD 190,059 197,243 0.38MUFG Union Bank NA 2.25% 6/5/2019 250,000 USD 250,058 253,921 0.48National Rural Utilities Cooperative Finance Corp FRN 30/4/2043 100,000 USD 100,842 98,100 0.19Newell Brands Inc 3.85% 1/4/2023 50,000 USD 49,985 53,081 0.10Newell Brands Inc 5.375% 1/4/2036 100,000 USD 100,000 116,003 0.22Newell Brands Inc 5.5% 1/4/2046 100,000 USD 99,639 119,602 0.23Oglethorpe Power Corp 4.55% 1/6/2044 65,000 USD 64,803 69,009 0.13Oncor Electric Delivery Co LLC 2.95% 1/4/2025 200,000 USD 193,619 208,329 0.40Oracle Corp 2.4% 15/9/2023 175,000 USD 174,970 174,970 0.33Oracle Corp 3.85% 15/7/2036 350,000 USD 349,948 349,948 0.67Port Authority of New York & New Jersey 4.458% 1/10/2062 65,000 USD 64,467 74,805 0.14Prudential Financial Inc FRN 15/9/2042 65,000 USD 69,220 69,713 0.13Rain CII Carbon LLC / CII Carbon Corp 8.25% 15/1/2021 '144A' 200,000 USD 195,117 162,000 0.31Regency Energy Partners LP / Regency Energy Finance Corp 5% 1/10/2022 265,000 USD 271,227 269,479 0.51Reynolds American Inc 4.45% 12/6/2025 144,000 USD 146,553 160,834 0.31Reynolds American Inc 5.7% 15/8/2035 56,000 USD 57,295 68,282 0.13Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu FRN 15/7/2021 '144A' 241,000 USD 238,611 241,603 0.46Sabine Pass Liquefaction LLC 5.875% 30/6/2026 '144A' 195,000 USD 195,280 195,000 0.37Scientific Games International Inc 7% 1/1/2022 '144A' 50,000 USD 51,724 50,000 0.10SES Global Americas Holdings GP 5.3% 25/3/2044 '144A' 65,000 USD 66,282 61,130 0.12SM Energy Co 6.125% 15/11/2022 95,000 USD 98,594 87,400 0.17Southern Co 3.25% 1/7/2026 100,000 USD 99,642 103,608 0.20Southern Co 4.4% 1/7/2046 100,000 USD 99,484 107,486 0.20Spectra Energy Partners LP 3.5% 15/3/2025 60,000 USD 58,171 61,446 0.12Spectra Energy Partners LP 4.5% 15/3/2045 110,000 USD 100,568 109,878 0.21State Street Corp FRN Perpetual 5,000 USD 125,000 132,750 0.25Talen Energy Supply LLC 6.5% 1/6/2025 32,000 USD 32,424 26,560 0.05Tenet Healthcare Corp 6.75% 15/6/2023 50,000 USD 50,244 47,875 0.09Tenneco Inc 5% 15/7/2026 173,000 USD 173,000 174,730 0.33Tenneco Inc 5.375% 15/12/2024 45,000 USD 46,602 46,575 0.09T-Mobile USA Inc 6.5% 15/1/2026 100,000 USD 100,000 105,000 0.20Tyson Foods Inc 5.15% 15/8/2044 55,000 USD 57,345 63,635 0.12United States Treasury Note/Bond 1.375% 29/2/2020 90,000 USD 89,132 91,635 0.17United States Treasury Note/Bond 1.375% 30/4/2020 560,000 USD 556,267 570,259 1.09United States Treasury Note/Bond 1.5% 31/5/2019 530,000 USD 530,887 541,552 1.03United States Treasury Note/Bond 1.625% 31/3/2019 935,000 USD 940,990 957,900 1.82United States Treasury Note/Bond 1.625% 30/4/2019 870,000 USD 875,072 891,648 1.70

217




% net assets



United States Treasury Note/Bond 1.625% 30/6/2019 240,000 USD 241,134 246,234 0.47United States Treasury Note/Bond 1.625% 31/5/2023 500,000 USD 498,515 511,719 0.97United States Treasury Note/Bond 1.75% 15/5/2022 580,000 USD 575,365 599,258 1.14United States Treasury Note/Bond 2% 15/11/2021 40,000 USD 39,931 41,917 0.08United States Treasury Note/Bond 2% 15/2/2022 740,000 USD 737,831 775,121 1.48United States Treasury Note/Bond 2.5% 15/5/2024 430,000 USD 435,699 467,339 0.89United States Treasury Note/Bond 2.75% 15/2/2024 1,230,000 USD 1,269,324 1,358,574 2.58United States Treasury Note/Bond 3.125% 15/11/2041 420,000 USD 424,430 498,127 0.95United States Treasury Note/Bond 3.75% 15/8/2041 420,000 USD 471,202 550,200 1.05US Bancorp 3.1% 27/4/2026 'MTN' 100,000 USD 99,924 104,282 0.20US Foods Inc 5.875% 15/6/2024 '144A' 124,000 USD 124,000 126,325 0.24Verizon Communications Inc 4.272% 15/1/2036 120,000 USD 109,701 123,334 0.23Verizon Communications Inc 4.672% 15/3/2055 124,000 USD 108,971 125,600 0.24Verizon Communications Inc 4.862% 21/8/2046 131,000 USD 124,104 144,227 0.27Verizon Communications Inc 5.012% 21/8/2054 189,000 USD 175,595 200,272 0.38Visa Inc 2.8% 14/12/2022 125,000 USD 124,840 131,615 0.25Visa Inc 4.3% 14/12/2045 192,000 USD 191,685 223,024 0.42Walgreens Boots Alliance Inc 2.6% 1/6/2021 148,000 USD 147,919 150,269 0.29WEC Energy Group Inc 3.55% 15/6/2025 40,000 USD 40,023 42,969 0.08WellCare Health Plans Inc 5.75% 15/11/2020 100,000 USD 104,006 103,250 0.20Wells Fargo & Co FRN Perpetual Series U 96,000 USD 98,620 102,120 0.19Wells Fargo & Co 4.3% 22/7/2027 'GMTN' 66,000 USD 69,983 71,220 0.14Wells Fargo & Co 4.48% 16/1/2024 60,000 USD 62,974 65,704 0.13Wells Fargo & Co 4.9% 17/11/2045 'GMTN' 38,000 USD 37,717 41,600 0.08Western Digital Corp 7.375% 1/4/2023 '144A' 100,000 USD 100,000 105,969 0.20

29,517,314 30,943,549 58.91

Total Bonds 37,175,068 38,464,220 73.23

SECURITISED ASSETS

United States of America American Express Credit Account Master Trust 1.43% 15/6/2020 500,000 USD 501,543 503,403 0.96Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 '144A' 20,000 USD 19,861 20,062 0.04Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 '144A' 100,000 USD 99,998 100,159 0.19Aventura Mall Trust 2013-AVM FRN 5/12/2032 '144A' 200,000 USD 214,696 216,286 0.41BA Credit Card Trust FRN 15/6/2020 400,000 USD 400,953 400,450 0.76BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 '144A' 100,000 USD 99,465 103,353 0.20Capital One Multi-Asset Execution Trust FRN 15/2/2022 200,000 USD 200,000 200,340 0.38CarMax Auto Owner Trust 2016-1 FRN 15/4/2019 300,000 USD 300,621 300,069 0.57CarMax Auto Owner Trust 2016-2 1.24% 17/6/2019 230,000 USD 229,982 230,676 0.44Citibank Credit Card Issuance Trust FRN 24/7/2020 '2013 A4 A4' 100,000 USD 100,359 99,835 0.19Citibank Credit Card Issuance Trust 1.23% 24/4/2019 '2014 A4 A4' 100,000 USD 100,289 100,288 0.19CNH Equipment Trust 2015-B 1.37% 15/7/2020 119,000 USD 119,256 119,366 0.23Fannie Mae Pool 2.5% Perpetual 45,000 USD 46,306 46,443 0.09Fannie Mae Pool 3% Perpetual 1,589,000 USD 1,635,338 1,643,186 3.14Fannie Mae Pool 4% 25/7/2039 55,000 USD 58,649 58,934 0.11Fannie Mae Pool 4% 1/4/2044 1,411,785 USD 1,498,037 1,512,730 2.88Fannie Mae Pool 4% 1/12/2045 47,097 USD 50,498 50,507 0.10Fannie Mae Pool 4.5% 13/6/2036 705,000 USD 768,526 769,400 1.46Fannie Mae Pool 'AS6311' 3.5% 1/12/2045 1,290,313 USD 1,349,386 1,360,759 2.59Fannie Mae Pool 'BA4236' 3.5% 1/11/2045 495,137 USD 519,894 522,104 0.99Ford Credit Floorplan Master Owner Trust A 1.2% 15/2/2019 '2014 1 A1' 500,000 USD 500,073 501,257 0.95Ford Credit Floorplan Master Owner Trust A 1.4% 15/8/2019 200,000 USD 200,358 200,283 0.38Freddie Mac Gold Pool 3% 15/3/2027 1,064,000 USD 1,111,216 1,115,538 2.12Freddie Mac Gold Pool 5% 1/11/2041 790,099 USD 873,677 873,566 1.66Freddie Mac Gold Pool 'G08694' 4% 1/2/2046 232,729 USD 248,603 249,563 0.48

218




% net assets



Ginnie Mae II Pool 3% Perpetual 186,000 USD 192,771 193,818 0.37Ginnie Mae II Pool 3.5% Perpetual 918,000 USD 969,368 972,004 1.85GM Financial Automobile Leasing Trust 1.62% 20/9/2019 '2016 2 A3' 151,000 USD 150,985 151,289 0.29Kubota Credit Owner Trust 2015-1 1.54% 15/3/2019 '144A' 100,000 USD 100,289 100,487 0.19Mercedes-Benz Master Owner Trust 2016-A FRN 15/5/2020 '144A' 227,000 USD 227,000 227,340 0.43SBA Tower Trust 2.898% 15/10/2019 '144A' 215,000 USD 215,275 217,954 0.41

13,103,272 13,161,449 25.05





219




% net assets



SHARES

Vietnam Bank for Foreign Trade of Vietnam JSC 37,600 VND 62,881 79,738 3.01Bao Viet Holdings 8,300 VND 15,084 21,956 0.83Bim Son Cement JSC 26,700 VND 23,127 18,555 0.70Binh Minh Plastics JSC 20,000 VND 39,149 130,918 4.94CNG Vietnam JSC 63,700 VND 107,048 117,096 4.42Dam Sen Water Park Corp 38,253 VND 70,592 118,340 4.47DHG Pharmaceutical JSC 21,000 VND 54,039 96,978 3.66Dinh Vu Port Investment & Development JSC 19,900 VND 38,327 67,362 2.54Dong Phu Rubber JSC 39,700 VND 71,875 62,298 2.35FPT Corp 61,350 VND 104,943 114,976 4.34HAGL JSC 56,700 VND 60,444 18,558 0.70Ho Chi Minh City Infrastructure Investment JSC 29,700 VND 32,278 35,021 1.32Hoa Phat Group JSC 77,650 VND 87,114 137,865 5.21Khanh Hoi Invesment & Services Corp 19,500 VND 29,340 30,600 1.16KIDO Group Corp 77,010 VND 141,969 96,677 3.65Kinh Bac City Development Share Holding Corp 51,800 VND 39,063 35,998 1.36Lix Detergent JSC 45,730 VND 68,179 192,729 7.28Masan Group Corp 49,430 VND 198,215 147,377 5.56Nui Nho Stone JSC 26,125 VND 45,028 81,406 3.07PetroVietnam Drilling & Well Services JSC 35,750 VND 71,883 49,688 1.88Petrovietnam Fertilizer & Chemicals JSC 56,800 VND 95,801 70,542 2.66Refrigeration Electrical Engineering Corp 57,615 VND 42,469 52,955 2.00Saigon General Service Corp 29,100 VND 24,763 65,235 2.46Saigon Securities Inc 25,530 VND 26,134 23,808 0.90Saigon Thuong Tin Commercial JSB 82,140 VND 48,416 41,615 1.57Sea & Air Freight International 71,900 VND 92,301 85,104 3.21Sonadezi Long Thanh Shareholding Co 69,000 VND 58,506 70,225 2.65Viet Nam Dairy Products JSC 37,710 VND 54,423 238,393 9.01Viet Nam Export-Import Commercial JSB 52,800 VND 31,407 27,224 1.03Vietnam Joint Stock Commercial Bank for Industry and Trade 137,880 VND 109,142 103,855 3.92Vingroup JSC 97,234 VND 131,644 215,359 8.14

2,075,584 2,648,451 100.00

Total Shares 2,075,584 2,648,451 100.00


Other Net Assets 128 –


(expressed in USD)

VIETNAM EQUITY FUND

220




% net assets



MUTUAL FUNDS

Ireland iShares FTSE MIB UCITS - ETF (Dist) 102,809 GBP 1,612,982 1,115,141 0.36

Luxembourg db x-trackers - ATX UCITS (DR) - ETF 32,480 EUR 1,599,365 1,151,793 0.37

Singapore db x-trackers MSCI China TRN Index UCITS ETF DR - 1C 110,620 USD 1,574,396 1,301,997 0.42


SHARES

Australia Australia & New Zealand Banking Group Ltd 17,888 AUD 460,985 320,859 0.11BHP Billiton Ltd 13,863 AUD 354,047 192,270 0.06Insurance Australia Group Ltd 4,512 AUD 18,474 18,287 0.01National Australia Bank Ltd 14,994 AUD 405,649 283,557 0.09Nine Entertainment Co Holdings Ltd 122,978 AUD 171,319 96,027 0.03Origin Energy Ltd 17,855 AUD 143,139 76,349 0.02Qantas Airways Ltd 69,516 AUD 120,809 145,784 0.05QBE Insurance Group Ltd 21,787 AUD 215,291 168,989 0.05Stockland (REIT) 24,107 AUD 78,800 84,438 0.03Westfield Corp (REIT) 12,693 AUD 96,380 100,529 0.03Whitehaven Coal Ltd 123,379 AUD 219,379 98,634 0.03Woodside Petroleum Ltd 5,838 AUD 196,591 116,526 0.04

2,480,863 1,702,249 0.55

Austria ams AG 9,860 CHF 242,506 271,604 0.09

Belgium Orange Belgium SA 30,263 EUR 1,026,950 693,695 0.22

Bermuda Huabao International Holdings Ltd 306,000 HKD 110,007 108,456 0.03Jardine Matheson Holdings Ltd 2,700 USD 164,290 157,437 0.06Noble Group Ltd 608,700 SGD 328,245 90,331 0.03Noble Group Ltd Rights 29/07/2016 608,700 SGD 106,048 40,649 0.01NWS Holdings Ltd 3,474 HKD 5,238 5,471 0.00

713,828 402,344 0.13

British Virgin Islands Hollysys Automation Technologies Ltd 4,173 USD 79,856 69,981 0.02

Cayman Islands Baidu Inc ADR 1,300 USD 231,836 211,315 0.07Hengan International Group Co Ltd 9,500 HKD 78,292 79,219 0.03Parkson Retail Group Ltd 340,500 HKD 39,070 29,842 0.01Qinqin Foodstuffs Group Cayman Co Ltd 1,900 HKD 2,683 2,694 0.00Sands China Ltd 31,600 HKD 149,067 105,688 0.03Tencent Holdings Ltd 11,400 HKD 222,709 258,739 0.08

723,657 687,497 0.22

(expressed in USD)

WORLD VALUE EQUITY FUND

221




% net assets


WORLD VALUE EQUITY FUND (continued)

China Bank of China Ltd 'H' 437,000 HKD 175,687 174,036 0.06China Construction Bank Corp 'H' 450,000 HKD 281,238 296,950 0.09China Merchants Bank Co Ltd 'H' 79,000 HKD 160,130 176,553 0.06China Vanke Co Ltd 'H' 22,100 HKD 53,457 43,295 0.01Dongfeng Motor Group Co Ltd 'H' 138,000 HKD 163,240 143,711 0.05

833,752 834,545 0.27

Denmark H Lundbeck A/S 25,237 DKK 502,797 938,952 0.31Jyske Bank A/S 10,233 DKK 498,395 386,379 0.12TDC A/S 100,912 DKK 479,834 492,754 0.16

1,481,026 1,818,085 0.59

Finland Elisa OYJ 16,516 EUR 367,816 631,584 0.20Kesko OYJ 18,175 EUR 663,924 765,134 0.25Nokia OYJ 111,548 EUR 858,275 624,971 0.20Outokumpu OYJ 251,401 EUR 1,118,735 1,048,011 0.33Technopolis OYJ 100,852 EUR 406,277 394,634 0.13Tieto OYJ 38,132 EUR 960,263 1,030,910 0.33UPM-Kymmene OYJ 50,922 EUR 658,636 924,399 0.30

5,033,926 5,419,643 1.74

France Alstom SA 22,793 EUR 562,853 523,226 0.17AXA SA 2,816 EUR 58,732 55,001 0.02BNP Paribas SA 21,085 EUR 1,442,066 923,853 0.30Groupe Fnac SA 12,523 EUR 332,227 675,734 0.22Neopost SA 19,205 EUR 442,984 446,626 0.14Nokia OYJ 110,275 EUR 580,606 618,084 0.20Orange SA 54,879 EUR 815,765 885,200 0.28Sanofi 33,251 EUR 2,951,966 2,736,033 0.88Societe BIC SA 6,721 EUR 621,348 935,792 0.30Societe Generale SA 19,372 EUR 656,661 602,761 0.19Vivendi SA 96,873 EUR 2,464,189 1,818,324 0.59

10,929,397 10,220,634 3.29

Germany Allianz SE 2,159 EUR 299,148 303,006 0.10Bayer AG (Reg) 25,220 EUR 2,466,375 2,492,101 0.81Deutsche Bank AG 32,174 EUR 1,236,479 438,136 0.14Deutsche Lufthansa AG 78,282 EUR 1,507,667 908,076 0.29Deutsche Telekom AG 79,706 EUR 1,200,968 1,340,595 0.43E.ON SE 70,224 EUR 1,567,199 698,130 0.22Hornbach Holding AG & Co KGaA 17,290 EUR 1,380,293 1,183,785 0.38METRO AG 33,050 EUR 1,195,813 1,003,002 0.32Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 4,170 EUR 763,208 688,383 0.22Rheinmetall AG 16,112 EUR 974,044 950,889 0.31Salzgitter AG 15,568 EUR 606,719 407,300 0.13STADA Arzneimittel AG 19,169 EUR 671,853 989,493 0.32Volkswagen AG - Pref 7,613 EUR 1,676,186 908,078 0.29

15,545,952 12,310,974 3.96

Hong Kong BOC Hong Kong Holdings Ltd 44,500 HKD 141,012 133,060 0.04China Merchants Holdings International Co Ltd 50,000 HKD 139,332 132,751 0.04China Mobile Ltd 21,500 HKD 239,578 245,650 0.09China Overseas Land & Investment Ltd 44,000 HKD 143,950 138,937 0.04China Resources Power Holdings Co Ltd 36,000 HKD 64,065 53,636 0.02

222




% net assets



CLP Holdings Ltd 10,000 HKD 94,287 101,819 0.03Sino Land Co Ltd 81,118 HKD 140,719 132,358 0.04Sun Hung Kai Properties Ltd 19,082 HKD 260,401 228,844 0.07Wharf Holdings Ltd 15,000 HKD 111,742 90,767 0.03

1,335,086 1,257,822 0.40

India Dr Reddy's Laboratories Ltd ADR 3,000 USD 140,313 149,430 0.05ICICI Bank Ltd ADR 24,100 USD 163,152 170,026 0.05Infosys Ltd ADR 8,000 USD 143,207 143,120 0.05Tata Motors Ltd ADR 5,300 USD 143,341 179,193 0.06

590,013 641,769 0.21

Indonesia Bank Negara Indonesia Persero Tbk PT 377,200 IDR 152,513 148,454 0.05Perusahaan Gas Negara Persero Tbk PT 391,000 IDR 76,781 69,248 0.02Salim Ivomas Pratama Tbk PT 1,452,700 IDR 44,307 48,817 0.02

273,601 266,519 0.09

Ireland FBD Holdings Plc 95,690 EUR 1,138,069 590,480 0.19Medtronic Plc 23,500 USD 1,080,830 2,017,710 0.65Permanent TSB Group Holdings Plc 254,559 EUR 689,470 471,445 0.15

2,908,369 3,079,635 0.99

Isle of Man Lamprell Plc 621,820 GBP 1,128,097 624,543 0.20

Italy Buzzi Unicem SpA 95,756 EUR 703,457 942,589 0.30Intesa Sanpaolo SpA 324,290 EUR 1,249,739 592,656 0.19Safilo Group SpA 114,105 EUR 1,550,474 860,007 0.28

3,503,670 2,395,252 0.77

Japan Advantest Corp 108,700 JPY 1,129,704 1,200,316 0.39Asahi Glass Co Ltd 217,000 JPY 1,268,950 1,165,384 0.38Credit Saison Co Ltd 54,700 JPY 1,033,604 911,622 0.29Daiichi Sankyo Co Ltd 23,100 JPY 426,412 555,897 0.18Fuji Media Holdings Inc 37,000 JPY 534,870 413,611 0.13Hitachi Ltd 327,000 JPY 1,499,987 1,348,595 0.43Honda Motor Co Ltd 73,600 JPY 2,472,279 1,842,058 0.58JSR Corp 89,300 JPY 1,449,541 1,169,410 0.38Kaneka Corp 76,000 JPY 488,003 501,318 0.16Komeri Co Ltd 16,700 JPY 417,405 432,346 0.14Kurita Water Industries Ltd 16,300 JPY 351,909 361,253 0.12LIXIL Group Corp 53,100 JPY 1,032,446 870,492 0.28Mitsubishi UFJ Financial Group Inc 363,000 JPY 2,220,840 1,610,077 0.52Mitsui OSK Lines Ltd 397,000 JPY 1,309,548 834,285 0.27NEC Corp 471,000 JPY 1,359,552 1,086,024 0.35Nikon Corp 56,400 JPY 756,143 760,524 0.24Nippon Steel & Sumitomo Metal Corp 47,100 JPY 920,574 897,230 0.29Nomura Holdings Inc 216,900 JPY 1,268,268 770,656 0.25Nomura Real Estate Holdings Inc 40,600 JPY 760,109 702,704 0.23Onward Holdings Co Ltd 60,000 JPY 466,825 372,428 0.12ORIX Corp 30,900 JPY 372,727 393,221 0.13Osaka Gas Co Ltd 132,000 JPY 477,045 503,934 0.16Ricoh Co Ltd 190,500 JPY 2,020,226 1,638,391 0.52Rohm Co Ltd 19,600 JPY 1,027,815 763,711 0.25Shimamura Co Ltd 2,900 JPY 280,831 428,292 0.14

223




% net assets



Showa Denko KK 27,200 JPY 374,432 254,310 0.08Sumitomo Corp 153,200 JPY 1,675,200 1,527,007 0.49Sumitomo Electric Industries Ltd 83,100 JPY 1,092,863 1,083,773 0.35Sumitomo Heavy Industries Ltd 247,000 JPY 1,091,055 1,066,965 0.34Sumitomo Mitsui Financial Group Inc 47,700 JPY 2,036,067 1,357,885 0.44Sumitomo Mitsui Trust Holdings Inc 320,050 JPY 1,292,000 1,026,925 0.33T&D Holdings Inc 110,000 JPY 1,422,240 919,191 0.30Toshiba Corp 691,000 JPY 1,956,897 1,858,173 0.59Xebio Holdings Co Ltd 21,700 JPY 420,776 304,224 0.10Yamaha Motor Co Ltd 28,400 JPY 398,150 425,786 0.14

37,105,293 31,358,018 10.09

Liberia Royal Caribbean Cruises Ltd 52,600 USD 3,208,147 3,524,726 1.13

Malaysia CIMB Group Holdings Bhd 128,933 MYR 144,731 139,759 0.05Genting Malaysia Bhd 94,300 MYR 98,831 104,090 0.03

243,562 243,849 0.08

Netherlands Aperam NPV 27,007 EUR 601,149 942,400 0.30ASM International NV 10,462 EUR 392,700 403,680 0.13ING Groep NV 133,601 EUR 1,865,857 1,358,637 0.43Philips Lighting NV 8,960 EUR 199,800 208,769 0.07Randstad Holding NV 14,189 EUR 770,190 576,352 0.19STMicroelectronics NV 35,185 EUR 256,016 202,373 0.07Wolters Kluwer NV 70,934 EUR 1,629,788 2,878,555 0.92

5,715,500 6,570,766 2.11

Norway Orkla ASA 97,351 NOK 825,878 857,719 0.28Petroleum Geo-Services ASA 138,261 NOK 638,046 326,163 0.10Storebrand ASA 191,683 NOK 845,516 717,185 0.23

2,309,440 1,901,067 0.61

Singapore CapitaLand Ltd 36,900 SGD 99,387 84,056 0.03DBS Group Holdings Ltd 17,164 SGD 203,758 200,714 0.07Oversea-Chinese Banking Corp Ltd 16,800 SGD 125,534 108,326 0.03

428,679 393,096 0.13

South Korea Hana Financial Group Inc 4,821 KRW 95,452 97,312 0.03Hyundai Motor Co 2,419 KRW 296,940 284,564 0.09Korea Electric Power Corp 1,888 KRW 96,401 99,002 0.03KT Corp 5,806 KRW 154,794 149,453 0.05LG Corp 1,837 KRW 104,522 101,590 0.03Samsung Electronics Co Ltd 427 KRW 451,192 528,258 0.18

1,199,301 1,260,179 0.41

Spain Repsol SA 10,836 EUR 249,837 136,961 0.05Repsol SA Rights 10/07/2016 10,836 EUR – 3,493 0.00

249,837 140,454 0.05

Sweden Securitas AB 'B' 153,251 SEK 1,625,399 2,322,538 0.74Svenska Cellulosa AB SCA 'B' 48,926 SEK 978,105 1,542,346 0.50Telefonaktiebolaget LM Ericsson 'B' 139,787 SEK 1,420,936 1,055,950 0.34

4,024,440 4,920,834 1.58

224




% net assets



Switzerland BKW AG 22,478 CHF 842,481 998,527 0.32Metall Zug AG 80 CHF 211,344 228,657 0.07Nestle SA 3,357 CHF 188,299 258,129 0.08Novartis AG 43,174 CHF 2,787,124 3,510,234 1.14Oriflame Holding AG 39,160 SEK 900,519 996,816 0.32UBS Group AG 55,221 CHF 779,716 715,520 0.23Valora Holding AG 3,616 CHF 767,091 996,991 0.32Vetropack Holding AG 262 CHF 478,179 392,704 0.13

6,954,753 8,097,578 2.61

Taiwan Catcher Technology Co Ltd 8,000 TWD 61,276 58,898 0.02Compal Electronics Inc 152,000 TWD 97,477 95,415 0.03HON HAI Precision Industry Co Ltd 89,000 TWD 228,844 227,611 0.07Taiwan Semiconductor Manufacturing Co Ltd 93,000 TWD 455,110 468,475 0.16Uni-President Enterprises Corp 39,000 TWD 70,212 76,769 0.02

912,919 927,168 0.30

Thailand Kasikornbank PCL (Foreign Market) 19,900 THB 92,679 97,688 0.04PTT PCL (Foreign Market) 8,300 THB 68,233 73,930 0.02

160,912 171,618 0.06

United Kingdom AstraZeneca Plc 28,732 GBP 1,597,966 1,680,315 0.54Aviva Plc 266,217 GBP 1,563,403 1,375,008 0.44BP Plc 576,122 GBP 4,452,030 3,309,693 1.07Chemring Group Plc 471,828 GBP 921,547 795,634 0.26Enterprise Inns Plc 728,497 GBP 1,150,093 783,076 0.25GlaxoSmithKline Plc 29,487 GBP 722,241 619,462 0.20Home Retail Group Plc 451,472 GBP 1,271,841 920,243 0.30Ladbrokes Plc 679,851 GBP 1,433,367 1,012,138 0.33LivaNova Plc 13,755 USD 846,470 674,958 0.22Lloyds Banking Group Plc 1,729,935 GBP 1,337,655 1,254,493 0.40Ophir Energy Plc 330,457 GBP 580,000 346,334 0.11Royal Bank of Scotland Group Plc 235,893 GBP 1,149,456 543,582 0.17Royal Dutch Shell Plc 'A' 1,710 GBP 39,950 46,068 0.01Royal Dutch Shell Plc 'B' 43,396 GBP 1,617,235 1,174,927 0.38St Modwen Properties Plc 112,360 GBP 480,966 397,360 0.13Standard Chartered Plc 25,000 HKD 167,399 184,949 0.06Tullow Oil Plc 295,906 GBP 1,051,018 1,036,925 0.33Vectura Group Plc 25,505 GBP 55,475 55,174 0.02Vodafone Group Plc 427,722 GBP 1,397,050 1,273,267 0.41William Hill Plc 415,086 GBP 2,315,926 1,429,463 0.46

24,151,088 18,913,069 6.09

United States of America AbbVie Inc 77,700 USD 4,910,147 4,772,334 1.54Allegheny Technologies Inc 130,100 USD 3,621,385 1,585,919 0.51Allstate Corp 72,000 USD 3,641,247 4,966,560 1.60Altria Group Inc 27,700 USD 847,465 1,880,553 0.61Apache Corp 78,700 USD 5,038,085 4,363,915 1.40Apple Inc 29,100 USD 2,482,013 2,750,532 0.89Applied Materials Inc 119,600 USD 2,024,741 2,824,952 0.91Archer-Daniels-Midland Co 104,600 USD 3,779,618 4,372,803 1.41Ashland Inc 18,100 USD 1,655,325 2,035,888 0.66AT&T Inc 125,000 USD 4,110,381 5,328,749 1.70Avnet Inc 57,600 USD 2,074,243 2,296,512 0.74Bank of America Corp 262,700 USD 3,862,077 3,462,649 1.11Best Buy Co Inc 92,400 USD 2,812,681 2,797,872 0.90Caterpillar Inc 67,700 USD 5,668,001 5,026,048 1.62

225




% net assets



Chevron Corp 49,300 USD 4,607,458 5,099,592 1.63Cigna Corp 37,800 USD 2,980,753 4,825,548 1.55Cisco Systems Inc 163,400 USD 3,936,928 4,610,331 1.48Comcast Corp 71,400 USD 2,711,075 4,589,592 1.48Delta Air Lines Inc 75,800 USD 3,187,285 2,732,590 0.88Diamond Offshore Drilling Inc 139,700 USD 5,205,082 3,341,624 1.08Edison International 46,800 USD 2,299,836 3,557,736 1.14General Motors Co 157,900 USD 5,419,068 4,395,936 1.41Gilead Sciences Inc 56,200 USD 4,985,702 4,598,846 1.48Goldman Sachs Group Inc 30,300 USD 4,579,421 4,428,648 1.43Halliburton Co 114,900 USD 5,246,194 5,126,838 1.64Hartford Financial Services Group Inc 107,800 USD 3,133,602 4,638,634 1.49HP Inc 222,000 USD 2,852,153 2,708,400 0.87Intel Corp 105,600 USD 2,562,287 3,398,208 1.09International Business Machines Corp 31,000 USD 4,967,168 4,616,830 1.49JPMorgan Chase & Co 74,700 USD 3,593,419 4,582,098 1.47Lincoln National Corp 105,600 USD 3,687,971 3,988,512 1.28Macy's Inc 137,000 USD 5,491,863 4,519,630 1.45Merck & Co Inc 64,900 USD 2,898,319 3,698,651 1.19Microsoft Corp 73,500 USD 3,153,087 3,713,220 1.20Morgan Stanley 177,000 USD 4,504,020 4,463,940 1.44National Oilwell Varco Inc 107,600 USD 5,578,636 3,518,520 1.13Newell Brands Inc 43,500 USD 926,549 2,070,600 0.67Nucor Corp 66,700 USD 3,000,329 3,232,949 1.04Occidental Petroleum Corp 64,000 USD 5,127,486 4,801,280 1.55Patterson-UTI Energy Inc 106,600 USD 2,078,677 2,205,554 0.71Pfizer Inc 142,700 USD 3,785,677 4,993,073 1.61PNC Financial Services Group Inc 47,500 USD 3,240,018 3,837,525 1.24Spirit AeroSystems Holdings Inc 'A' 80,200 USD 2,728,274 3,409,302 1.10Terex Corp 84,600 USD 2,411,379 1,659,006 0.53Travelers Cos Inc 39,300 USD 2,911,185 4,615,392 1.49US Bancorp 77,000 USD 2,428,123 3,063,830 0.99Viacom Inc 'B' 110,100 USD 5,510,227 4,476,666 1.44Wells Fargo & Co 96,000 USD 3,590,716 4,491,840 1.45

171,847,376 182,476,227 58.72

Total Shares 307,341,796 303,595,440 97.71




226


Notes to the Financial Statementsas at June 30, 2016 (continued)

1. OrganisationEastspring Investments (the “SICAV”) is an open-ended investment company with variable capital (société d’investissement à capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to Part I of the Luxembourg law of December 17, 2010, relating to undertakings for collective investment (the “2010 Law”), as amended, and Directive 2009/65/EC, as amended from time to time.

The SICAV has entrusted Eastsprings Investments (Luxembourg) S.A., (the “Management Company”) with the day-to-day management of the SICAV, with responsibility for performing directly or by way of delegation all operational functions relating to the SICAV’s investment management, administration, and marketing of the Sub-Funds. The Management Company, a Luxembourg société anonyme, is authorised as a fund management company in accordance with Chapter 15 of the 2010 Law.

The Board of Directors of the SICAV adheres to the principles of the Association of the Luxembourg Fund Industry (“ALFI”) code of conduct for Luxembourg investment funds published in June 2013. The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.

The SICAV aims to provide subscribers with a choice of Sub-Funds investing in a wide range of transferable securities and other permitted assets and featuring a diverse array of investment objectives.

As at June 30, 2016, the SICAV had forty six active Sub-Funds opened to investors. One new Sub-Fund, Global Multi Asset Income Plus Growth Fund was launched on March 1, 2016.

On February 15, 2016, the Developed Asia Equity Fund changed its name to Developed and Emerging Asia Equity Fund.

The following share classes closed during the financial period:

Asia Pacific Equity Fund Class EDY redeemed on June 28, 2016.Asian Equity Income Fund Class RDQ redeemed on June 20, 2016.Asian High Yield Bond Fund Class AEDM (hedged) redeemed on June 20, 2016.Asian High Yield Bond Fund Class RDM redeemed on June 20, 2016.Asian Local Bond Fund Class AEDM (hedged) redeemed on June 20, 2016.Asian Local Bond Fund Class RDM redeemed on June 20, 2016.Developed and Emerging Asia Equity Fund Class D redeemed on May 20, 2016.Emerging Asia Equity Fund Class D redeemed on May 20, 2016.Global Market Navigator Fund Class DJDQ redeemed on June 20, 2016.US Bond Fund Class DDQ redeemed on May 20, 2016.US Corporate Bond Fund Class DDQ redeemed on May 20, 2016.US High Yield Bond Fund Class AEDM (hedged) redeemed on June 20, 2016.US High Yield Bond Fund Class RDM redeemed on June 20, 2016.US High Yield Bond Fund Class RE (hedged) redeemed on June 20, 2016.US Investment Grade Bond Fund Class AEDM (hedged) redeemed on June 20, 2016.US Investment Grade Bond Fund Class RDM redeemed on June 20, 2016.

The latest prospectus in issue for the current financial period is dated March 2016. Updates to the prospectus compared to the prior version include the inclusion of data in relation to Eastspring Investments – Global Multi Asset Income Plus Growth Fund.

The SICAV currently offers the following share classes:

Class of Share Terms Currency Class A reserved for retail investors USDClass A (hedged)* reserved for retail investors USDClass AA (hedged)* reserved for retail investors AUDClass AADM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis AUDClass AADMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time AUDClass ACDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis CADClass ADM reserved for retail investors where dividends may be declared on a monthly basis USDClass ADMC1 reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time USDClass ADMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time USD

Notes to the Financial Statements

227



Class of Share Terms Currency Class ADQ reserved for retail investors where dividends may be declared on a quarterly basis USDClass AE reserved for retail investors EURClass AE (hedged)* reserved for retail investors EURClass AEDM reserved for retail investors where dividends may be declared on a monthly basis EURClass AEDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis EURClass AF reserved for retail investors CHFClass AF (hedged)* reserved for retail investors CHFClass AFDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis CHFClass AG (hedged)* reserved for retail investors GBPClass AGDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis GBPClass AH reserved for retail investors HKDClass AH (hedged)* reserved for retail investors HKDClass AHDM reserved for retail investors where dividends may be declared on a monthly basis HKDClass AJ reserved for retail investors JPYClass AN (hedged)* reserved for retail investors NZDClass ANDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis NZDClass ANDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time NZDClass AR (hedged)* reserved for retail investors CNHClass ARDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time CNHClass AS reserved for retail investors SGDClass AS (hedged)* reserved for retail investors SGDClass ASDM reserved for retail investors where dividends may be declared on a monthly basis SGDClass ASDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis SGDClass ASDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time SGDClass ASDQ reserved for retail investors where dividends may be declared on a quarterly basis SGDClass AZ (hedged)* reserved for retail investors ZARClass AZDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis ZARClass AZDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time ZARClass B reserved for institutional investors USDClass BDM reserved for institutional investors where dividends may be declared on a monthly basis USDClass BJ reserved for institutional investors JPYClass C reserved for large institutional investors USDClass C (hedged)* reserved for large institutional investors USDClass CDY reserved for large institutional investors where dividends will be distributed on an annual basis USDClass CE reserved for large institutional investors EURClass CE (hedged)* reserved for large institutional investors EURClass CG reserved for large institutional investors GBPClass CG (hedged)* reserved for large institutional investors GBPClass CJ reserved for large institutional investors JPYClass CS reserved for large institutional investors SGDClass D reserved for certain institutional investors specifically approved by the SICAV USDClass DDH reserved for certain institutional investors specifically approved by the SICAV where dividends will be

distributed on a semi-annual basis USDClass DE reserved for certain institutional investors specifically approved by the SICAV EURClass DH (hedged)* reserved for certain institutional investors specifically approved by the SICAV HKDClass DJ reserved for certain institutional investors specifically approved by the SICAV JPYClass DJDQ reserved for certain institutional investors specifically approved by the SICAV where dividends may be

declared on a quarterly basis JPYClass E reserved for institutional investors where dividends will be distributed USDClass EDY reserved for institutional investors where dividends will be distributed on an annual basis USDClass F reserved for retail investors of certain distributors specifically approved by the SICAV USDClass G reserved for retail investors of certain distributors USDClass GDM reserved for retail investors of certain distributors where dividends may be declared on a monthly basis USDClass GEDM (hedged)* reserved for retail investors of certain distributors where dividends may be declared on a monthly basis EUR

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Class of Share Terms Currency Class GFDM (hedged)* reserved for retail investors of certain distributors where dividends may be declared on a monthly basis CHFClass J reserved for institutional investors of Japan mutual fund or investment trust that are categorized as fund of funds USDClass JJ reserved for institutional investors of Japan mutual fund or investment trust that are categorized as fund of funds JPYClass JJDM (hedged)* reserved for institutional investors of Japan mutual fund or investment trust that are categorized as fund of

funds, and where dividends may be declared on a monthly basis. JPYClass R reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV USDClass R (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV USDClass RDM reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV where dividends may be declared on a monthly basis USD

Class RE reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV EUR

Class RE (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV EUR

Class REDM (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV where dividends may be declared on a monthly basis EUR

Class RG reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV GBP

Class RG (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV GBP

Class RGDM (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV where dividends may be declared on a monthly basis GBP

Class RJ reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV JPY

* Share class hedges the currency risk between the share class currency and the base currency of the Sub-Fund.

Details of the share classes available for each of the Sub-Funds can be found in the prospectus. A list of share class launches during the period can be found in Appendix 1.

2. Summary of Significant Accounting PoliciesThe financial statements have been prepared in accordance with the format and regulations prescribed by the Luxembourg authorities for Luxembourg investment companies and the following significant accounting policies:

(a) Valuation of Investments and Other Assets

1 the value of any cash on hand or on deposit, bills and demand notes, account receivables, prepaid expenses, cash and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Directors may consider appropriate in such case to reflect the true value thereof;

2 the value of securities which are quoted or dealt in on any Stock Exchange shall be in respect of each security, the last known price, and where appropriate, the middle market price on the stock exchange which is normally the principal market for such security;

In accordance with the pricing policy of the relevant Sub-Funds, the market prices applied in the case of equity Sub-Funds and bond Sub-Funds are the mid prices and the bid prices respectively.

3 securities dealt in on another regulated market are valued in a manner as near as possible to that described in the preceding paragraph;

4 in the event that any of the securities held in any portfolio on the relevant valuation day are not quoted or dealt in on a Stock Exchange or another regulated market or, for any of the securities where no price quotation is available, or if the price as determined pursuant to sub-paragraphs (2) and/or (3) is not in the opinion of the Directors representative of the fair market value of the relevant securities, the value of such securities will be determined based on the reasonably foreseeable sales price determined prudently and in good faith;

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5 all other assets will be valued at their respective fair values as determined in good faith by the Directors in accordance with generally accepted valuation principles and procedures.

Valuation of Corporate Bonds and Securitisations

Corporate bonds and securitised assets are valued based on either indicative prices communicated by brokers or calculated prices from sources such as FT Interactive Data or Valuelink. The Directors believe that such quotes and prices correspond to the market practice valuation of these securities.

(b) Income from Investments

The SICAV takes credit for income from its investments on the following basis:

• on fixeddeposits,andbondsona timeapportionmentbasis;

• onotherstockson thebasisofdividendsdeclared.

(c) Forward Foreign Exchange Contracts and Futures Contracts

During the period the SICAV has entered into a number of forward foreign exchange and futures contracts. Open forward foreign exchange and futures contracts are valued at the cost to close the contracts on the accounting date. Surpluses/deficits arising from these and closed unsettled contracts are taken to unrealised appreciation/depreciation and are included under assets or liabilities (as appropriate) in the Combined Statement of Net Assets on pages 5 to 15.

(d) Credit default swaps

A credit default swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset occurs. If such an event occurs, the party will then make a payment to the first party and the swap will terminate. The credit default swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Net Assets (see note 12 for details).

(e) Conversion of Foreign Currencies

The value of the assets denominated in a currency other than the Reference Currency of the relevant Class of any Sub-Fund will be translated at the rates of exchange prevailing in Luxembourg at the time of the determination of the corresponding Net Asset Value on the last valuation date of the period. Foreign currency transactions during the periodr are translated into the Reference Currency using the exchange rates prevailing at the dates of the transactions.

The rates used to convert assets and liabilities at June 30, 2016 were as follows:

USD/AED 3.6731 USD/GBP 0.7442 USD/QAR 3.6413USD/AUD 1.3447 USD/HKD 7.7589 USD/RUB 64.2537USD/BRL 3.2109 USD/HUF 284.9099 USD/SEK 8.4856USD/CAD 1.2984 USD/IDR 13,212.5005 USD/SGD 1.3477USD/CHF 0.9747 USD/INR 67.4950 USD/THB 35.1400USD/CLP 662.4300 USD/JPY 102.7850 USD/TRY 2.8844USD/CHN 6.6702 USD/KRW 1,151.8500 USD/TWD 32.2590USD/CNY 6.6702 USD/MXN 18.5285 USD/VND 22,304.0002USD/COP 2,928.1101 USD/MYR 4.0315 USD/ZAR 14.7175USD/CZK 24.3859 USD/NOK 8.3763 EUR/GBP 0.8273USD/DKK 6.6953 USD/NZD 1.4073 EUR/USD 1.1116USD/EGP 8.8800 USD/PHP 47.0475USD/EUR 0.8996 USD/PLN 3.9736

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(f) Total Combined Figures

The combined figures of the SICAV are expressed in USD and are equal to the sum of the net assets of the various activated Sub-Funds translated into USD (where required) :

(i) at the rates of exchange prevailing in Luxembourg at the Sub-Funds relevant valuation dates in the Statement of Net Assets, and

(ii) at the average yearly rates of exchange prevailing in Luxembourg in the statement of operations and changes in net assets. The exchange rate differences resulting from the application of the average exchange rates are reflected under the line “currency translation” in the statement of operations and changes in net assets.

* The combined opening balance was translated in USD using the foreign exchange rate as at June 30, 2016. The same net assets when combined using the foreign exchange rate ruling at December 31, 2015 reflected a figure of USD 25,175,377,814.

(g) Dilution

The basis on which the assets of each Sub-Fund are valued for the purposes of calculating the NAV is set out in the Prospectus and in the Articles of Incorporation. The actual cost of purchasing or selling assets and investments for a Sub-Fund may however deviate from the latest available price or net asset value used, as appropriate, in calculating the NAV per Share due to duties and charges and spreads from buying and selling prices of the underlying investments. These costs have an adverse effect on the value of a Sub-Fund and are known as “dilution”. To mitigate the effects of dilution, the Board of Directors may, at its discretion, make a price adjustment to the NAV per Share of the relevant Sub-Fund.

Shares will in principle be issued, redeemed and converted on the basis of a single price, i.e., the NAV per Share. However to mitigate the effect of dilution, the NAV per Share may be adjusted for any Valuation Day in the manner set out in the Prospectus depending on whether or not a Sub-Fund is in a net subscription position or in a net redemption position for such Valuation Day to arrive at the applicable adjusted price (the “Adjusted Price”). Where there is no dealing in a Sub-Fund or Class of a Sub-Fund on any Valuation Day, the applicable price will be the unadjusted NAV per Share. The Board of Directors will retain the discretion in relation to the circumstances under which to make such a price adjustment.

As at June 30, 2016, in accordance with the Prospectus “Price Adjustment Policy”, such a dilution adjustment was applied to the Sub-Funds Global Bond Navigator Fund, US Bond Fund and Vietnam Equity Fund. This adjustment is recognised on the Combined Statement of Net Assets.

3. Management FeesDuring the period Eastspring Investments (Singapore) Limited (the “Investment Manager”) is entitled to receive a fee payable monthly in arrears as a percentage per annum of the average monthly Net Asset Value of the Sub-Funds during the relevant month.

The Management Company collects from the SICAV the amount of fees due to the Investment Manager.

For the period ended June 30, 2016, the Management Fees per class are up to 2% as stated in the prospectus.

Sub-Funds

Maximum Management FeeClass “A” Shares

Maximum Management FeeClass “B” Shares

Maximum Management FeeClass “C” Shares

Maximum Management FeeClass “D” Shares

Maximum Management FeeClass “E” Shares

Asia Pacific Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Asian Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%Asian Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian Equity Income Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian High Yield Bond Fund 1.25% 0.75% 0.625% 0.00% 0.50%Asian Infrastructure Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian Local Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Asian Property Securities Fund 1.50% 0.90% 0.75% 0.00% 1.00%China Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Developed and Emerging Asia Equity Fund(1) 1.50% 0.90% 0.75% 0.00% 1.00%Dragon Peacock Fund 1.75% 1.05% 0.875% 0.00% 1.00%Emerging Asia Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%

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Sub-Funds

Maximum Management FeeClass “A” Shares

Maximum Management FeeClass “B” Shares

Maximum Management FeeClass “C” Shares

Maximum Management FeeClass “D” Shares

Maximum Management FeeClass “E” Shares

Emerging Europe, Middle East and Africa Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%European Investment Grade Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Global Bond Navigator Fund 1.25% 0.75% 0.625% 0.00% 0.50%Global Emerging Markets Bond Fund 1.25% 0.75% 0.625% 0.00% 0.50%Global Emerging Markets Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%Global Equity Navigator Fund 1.50% 0.90% 0.75% 0.00% 1.00%Global Low Volatility Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Global Market Navigator Fund 1.50% 0.90% 0.75% 0.00% 1.00%Global Multi Asset Income Plus Growth Fund(2) 1.50% 0.90% 0.75% 0.00% 1.00%Global Technology Fund 1.75% 1.05% 0.875% 0.00% 1.00%Greater China Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Hong Kong Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%India Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Indonesia Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Japan Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%Japan Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Japan Fundamental Value Fund 1.50% 0.90% 0.75% 0.00% 1.00%Japan Smaller Companies Fund 1.50% 1.05% 0.875% 0.00% 1.00%Latin American Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Malaysia Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%North American Value Fund 1.50% 0.90% 0.75% 0.00% 1.00%Pan European Fund 1.50% 0.90% 0.75% 0.00% 1.00%Philippines Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Thailand Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%US Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US Corporate Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US High Investment Grade Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US High Yield Bond Fund 1.25% 0.75% 0.625% 0.00% 0.50%US Investment Grade Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US Strategic Income Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US Total Return Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Vietnam Equity Fund 2.00% 1.20% 1.00% 0.00% 1.75%World Value Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%

(1) Sub – Fund name changed, see Note 1.(2) New Sub – Fund launched, see Note 1.

Sub-Funds

Maximum Management FeeClass “F” Shares

Maximum Management FeeClass “G” Shares

Maximum Management FeeClass “J” Shares

Maximum Management FeeClass “R” Shares

Asia Pacific Equity Fund 1.00% 1.50% 1.00% 0.75%Asian Bond Fund 0.50% 0.70% 0.50% 0.625%Asian Dynamic Fund 1.25% 2.00% 1.25% 1.00%Asian Equity Fund 1.00% 1.50% 1.00% 0.75%Asian Equity Income Fund 1.00% 1.50% 1.00% 0.75%Asian High Yield Bond Fund 0.625% N/A 0.50% 0.625%Asian Infrastructure Equity Fund 1.00% 1.50% 1.00% 0.75%Asian Local Bond Fund 0.50% 0.70% 0.50% 0.625%Asian Property Securities Fund 1.00% 1.50% 1.00% 0.75%China Equity Fund 1.00% 1.50% 1.00% 0.75%Developed and Emerging Asia Equity Fund(1) 1.00% 1.50% 1.00% 0.75%Dragon Peacock Fund N/A 1.75% 1.00% 0.875%Emerging Asia Equity Fund 1.00% 1.50% 1.00% 0.75%Emerging Europe, Middle East and Africa Dynamic Fund 1.25% 2.00% 1.25% 1.00%European Investment Grade Bond Fund 0.50% 0.70% 0.50% 0.625%Global Bond Navigator Fund N/A N/A 0.50% 0.625%

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Sub-Funds

Maximum Management FeeClass “F” Shares

Maximum Management FeeClass “G” Shares

Maximum Management FeeClass “J” Shares

Maximum Management FeeClass “R” Shares

Global Emerging Markets Bond Fund 0.625% N/A 0.50% 0.625%Global Emerging Markets Dynamic Fund 1.25% 2.00% 1.25% 1.00%Global Equity Navigator Fund 1.00% 1.50% 1.00% 0.75%Global Low Volatility Equity Fund 1.00% 1.50% 1.00% 0.75%Global Market Navigator Fund 1.00% 1.50% 1.00% 0.75%Global Multi Asset Income Plus Growth Fund(2) 1.00% 1.50% 1.00% 0.75%Global Technology Fund N/A N/A 1.00% 0.875%Greater China Equity Fund 1.00% 1.50% 1.00% 0.75%Hong Kong Equity Fund 1.00% 1.50% 1.00% 0.75%India Equity Fund 1.00% 1.50% 1.00% 0.75%Indonesia Equity Fund 1.00% 1.50% 1.00% 0.75%Japan Dynamic Fund 1.25% 2.00% 1.25% 1.00%Japan Equity Fund 1.00% 1.50% 1.00% 0.75%Japan Fundamental Value Fund 1.00% 1.50% 1.00% 0.75%Japan Smaller Companies Fund N/A N/A 1.00% 0.75%Latin American Equity Fund 1.00% 1.50% 1.00% 0.75%Malaysia Equity Fund 1.00% 1.50% 1.00% 0.75%North American Value Fund 1.00% 1.50% 1.00% 0.75%Pan European Fund 1.00% 1.50% 1.00% 0.75%Philippines Equity Fund 1.00% 1.50% 1.00% 0.75%Thailand Equity Fund 1.00% 1.50% 1.00% 0.75%US Bond Fund 0.50% 0.70% 0.50% 0.625%US Corporate Bond Fund 0.50% 0.70% 0.50% 0.625%US High Investment Grade Bond Fund 0.50% 0.70% 0.50% 0.625%US High Yield Bond Fund 0.625% N/A 0.50% 0.625%US Investment Grade Bond Fund 0.50% 0.70% 0.50% 0.625%US Strategic Income Bond Fund 0.50% 0.70% 0.50% 0.625%US Total Return Bond Fund 0.50% 0.70% 0.50% 0.625%Vietnam Equity Fund 1.75% 2.00% 1.75% 1.00%World Value Equity Fund 1.00% 1.50% 1.00% 0.75%

(1) Sub – Fund name changed, see Note 1.(2) New Sub – Fund launched, see Note 1.

4. Administration FeesEastspring Investments (Singapore) Limited (the “Global Distributor”) is entitled to receive a fee, payable monthly in arrears as a percentage per annum of the average monthly Net Asset Value of the Sub-Fund during the relevant month in consideration of distribution-related services provided to the relevant Sub-Funds. The Management Company collects from the SICAV the amount of fees due to the Global Distributor.

For the period ended June 30, 2016 the Administration Fees per Class A and R are up to 0.50% and Class F and G are up to 0.20% as stated in the prospectus.

5. Depositary, Central Administration Registrar and Transfer Agent and Listing Agent FeesThe Bank of New York Mellon (Luxembourg) S.A. acts as Depositary, Central Administrator, Registrar, Transfer Agent and Listing Agent to the Company, and is entitled to receive from the SICAV their customary annual fees which are payable at the end of each month and charges all rates in accordance with normal banking practices in Luxembourg.

The SICAV pays the Custodian safekeeping fees per line of stock per annum and transaction fees based on the number and the location of the transactions.

The Listing Agent will receive customary fees for the performance of its duties as such.

6. Tax StatusThe SICAV is registered under Luxembourg law as an investment company. Accordingly, no Luxembourg income or capital gains tax is at present payable by the Company. However, it is subject to an annual “taxe d’abonnement” calculated at an annual rate of 0.05% of the net assets, such tax being payable quarterly and calculated on the basis of the net assets of all Sub-Funds at the end of the relevant quarter. This tax is reduced to 0.01% per annum of the net assets relative to shares reserved to institutional investors. The portion of the net assets invested in undertakings for collective investments already subject to the “taxe d’abonnement” are exempt from this tax.

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For Austrian residents only:

Some share classes of the SICAV are tax transparent in Austria. The list of share classes considered as tax transparent in Austria is available on the website of the Oesterreichische Kontrollbank AG (“OeKB”) at https://www.profitweb.at under section “Liste KESt-Meldefonds”.

The Deemed Distribution Income (or “DDI”) or any distribution payments to investors are likely available no later than seven months after year-end of the fund or rather one day before the payment date of distribution and will be published on the OeKB website upon availability. If the shares are held by individuals and corporations tax resident in Austria and subject to Austrian withholding tax at an Austrian deposit Austrian banks deduct the Austrian withholding tax at investor level.

For German residents only:

Some share classes of the SICAV are tax transparent in Germany. The share classes considered as tax transparent in Germany are displayed on https://www.bundesanzeiger.de/.

The Deemed Distribution Income (or “DDI”) and the distributed income are likely available no later than four months after year-end or distribution decision date, respectively. Both later will be made available on https://www.bundesanzeiger.de/.

The daily German tax figures and Accumulated Deemed Distributed Income (or “ADDI”) will be published on www.fundinfo.com and WM-Daten per each Valuation date.

Investors are responsible for reporting and disclosing the relevant DDI and distributed income where necessary in their own tax return.

For Swiss residents only:

Some share classes of the SICAV are tax transparent in Switzerland and are visible on https://www.ictax.admin.ch.

The Net Investment Income (“NII”) will be published on the website of the Swiss Federal Tax Administration upon availability at https://www.ictax.admin.ch.

Investors are responsible for reporting and disclosing the relevant tax figures and distributed income where necessary in their own tax return.

For UK residents only:

The United Kingdom Reporting Fund Status (“UK RFS”) has been granted to some share classes of the SICAV. Details of which funds have UK RFS can be found on the HMRC’s website at https://www.gov.uk/government/ publications/offshore-funds-list-of-reporting-funds. This list reflects as well the ceased date when the share classes withdraw from the regime.

Reportable income figures are likely available six months after year end and will be published on the website of the Management Company (www.eastspring.lu) upon availability.

Investors are responsible for reporting and disclosing the relevant excess of reportable income and distributed income where necessary in their own tax return.

7. Audit Fees, Printing, Publication Expenses, Compliance Fee and Other ChargesThe SICAV bears all its operating expenses, including without limitation the costs of buying and selling securities, governmental charges, legal and auditing fees, interest, printing, reporting and publication expenses, paying agency fees, postage and telephone.

Any charges and costs attributable to a specific Sub-Fund will be allocated directly to that Sub-Fund.

Any charges and costs that cannot be directly attributable to a specific Sub-Fund will be allocated equally to the various Sub-Funds or, if the amounts so require, they will be allocated to the Sub-Funds in proportion to their respective net assets.

The Management Company is entitled to receive from the SICAV on demand reimbursement for its reasonable cash disbursements in the performance of its duties, including but not limited to out-of-pocket expenses.

Fees paid out to Directors in consideration of their duties for the period ended June 30, 2016 amounted to EUR 65,000 gross of taxation. Currently only Independent Directors are remunerated by the SICAV.

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8. Registration and Distribution of Sub-FundsA list of countries where the Sub-Funds are registered, notified and distributed for sale is provided in Appendix 2.

9. Risk ManagementThe method used to calculate the global exposure of the Sub-Funds is the commitment approach.

10. Open Futures ContractsAs at June 30, 2016, the SICAV has the following open futures contracts:

Number of Contracts Contract/Description

Expiration Date

Underlying Exposure

USD

Unrealised appreciation/

(depreciation) USD

Asian Bond Fund(200) US 10 – Year Note (CBT) September 2016 (26,584,375) (675,744)

(26,584,375) (675,744)

Asian Local Bond Fund(600) US 10 – Year Note (CBT) September 2016 (79,753,125) (2,132,586)

(79,753,125) (2,132,586)

Developed and Emerging Asia Equity Fund(1)

7,615 SGX CNX Nifty July 2016 126,949,665 4,087,285

126,949,665 4,087,285

Emerging Asia Equity Fund600 SGX CNX Nifty July 2016 10,002,600 331,341

10,002,600 331,341

Global Equity Navigator Fund17 FTSE / MIB Index September 2016 1,504,283 (80,789)29 TOPIX Index September 2016 3,514,083 (209,048)196 Euro Stoxx September 2016 6,157,379 (81,751)

11,175,745 (371,588)

US Corporate Bond Fund(70) US Long Bond (CBT) September 2016 (12,105,625) (159,688)

(12,105,625) (159,688)

US High Investment Grade Bond Fund(219) US 5 – Year Note (CBT) September 2016 (26,726,555) (406,008)22 US Ultra Bond (CBT) September 2016 4,116,750 132,141

(22,609,805) (273,867)

US Strategic Income Bond Fund(21) US 10 – Year Note (CBT) September 2016 (2,791,360) (35,391)(14) US Ultra Bond (CBT) September 2016 (2,619,750) (176,203)(8) US Long Bond (CBT) September 2016 (1,383,500) (52,445)(2) US 5 – Year Note (CBT) September 2016 (244,078) (2,633)

(7,038,688) (266,672)

US Total Return Bond Fund(27) US 5 – Year Note (CBT) September 2016 (3,295,055) (49,734)(26) US 10 – Year Note (CBT) September 2016 (3,455,969) (57,579)(4) US 2 – Year Note (CBT) September 2016 (876,938) (5,813)(1) Euro FX Currency September 2016 (139,331) 3,6191 US Long Bond (CBT) September 2016 172,938 5,688

(7,594,355) (103,819)

(1) Sub-Fund name changed, see Note 1.

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Number of Contracts Contract/Description

Expiration Date

Underlying Exposure

EUR


(depreciation) EUR

European Investment Grade Bond Fund(182) Euro Bund September 2016 (30,384,900) (523,500)(57) US Long Bond (CBT) September 2016 (8,867,402) (505,865)(56) Euro Bobl September 2016 (7,478,800) (56,000)(40) Euro Buxl 30 Year Bond September 2016 (7,827,200) (628,801)(12) US 10 – Year Note (CBT) September 2016 (1,434,862) (38,372)(4) Long Gilt September 2016 (618,709) (26,156)(4) US Ultra Bond (CBT) September 2016 (673,324) (48,519)678 Euro Schatz September 2016 75,966,510 147,145

18,681,313 (1,680,068)

The net appreciation/(depreciation) attributed to these transactions are included in the Combined Statement of Net Assets.

11. Forward Foreign Exchange ContractsAs at June 30, 2016, the SICAV has the following open forward foreign exchange contracts:

CurrencyAmount

Purchased CurrencyAmount

Sold Maturity Counterparty


(depreciation)

Asian Bond Fund USDUSD 9,179,505 CNY 60,000,000 11/10/2016 Barclays Bank Plc 222,491USD 15,285,845 CNY 100,000,000 7/11/2016 JPMorgan Chase & Co 377,721USD 3,138,732 PHP 150,000,000 7/11/2016 UBS AG (29,027)USD 8,915,636 SGD 12,000,000 13/7/2016 HSBC Bank USA 12,317USD 18,346,941 SGD 25,000,000 10/11/2016 UBS AG (178,783)AUD Class Hedges AUD 33,311,937 USD 24,859,964 15/7/2016 BNY Mellon Corp (97,670)USD 2,190,062 AUD 2,976,120 15/7/2016 BNY Mellon Corp (22,238)CAD Class Hedges CAD 1,176 USD 895 15/7/2016 BNY Mellon Corp 11CHF Class Hedges CHF 2,232 USD 2,345 15/7/2016 BNY Mellon Corp (53)CNH Class Hedges CNY 3,421 USD 525 15/7/2016 BNY Mellon Corp (12)EUR Class Hedges EUR 3,926 USD 4,481 15/7/2016 BNY Mellon Corp (116)GBP Class Hedges GBP 177,201 USD 255,737 15/7/2016 BNY Mellon Corp (17,618)HKD Class Hedges HKD 85,067,007 USD 10,971,981 15/7/2016 BNY Mellon Corp (6,454)NZD Class Hedges NZD 1,635,957 USD 1,105,015 15/7/2016 BNY Mellon Corp 56,839USD 10,185 NZD 14,595 15/7/2016 BNY Mellon Corp (180)SGD Class Hedges SGD 550,222 USD 407,168 15/7/2016 BNY Mellon Corp 1,059USD 16 SGD 21 15/7/2016 BNY Mellon Corp –ZAR Class Hedges USD 2,218,766 ZAR 33,493,196 15/7/2016 BNY Mellon Corp (50,018)ZAR 371,960,187 USD 24,063,227 15/7/2016 BNY Mellon Corp 1,134,663

Total net unrealised appreciation 1,402,932

Underlying exposure to forward foreign exchange contracts Barclays Bank Plc 9,031,248 BNY Mellon Corp 67,326,168

HSBC 8,904,059 JPMorgan Chase & Co 15,052,080

UBS AG 21,738,390

236



CurrencyAmount




(depreciation)

Asian Equity Fund USDAUD Class Hedges AUD 6,000 USD 4,484 15/7/2016 BNY Mellon Corp (25)USD 565 AUD 759 15/7/2016 BNY Mellon Corp 1NZD Class Hedges NZD 444 USD 301 15/7/2016 BNY Mellon Corp 15USD 38 NZD 55 15/7/2016 BNY Mellon Corp (1)ZAR Class Hedges USD 5,864 ZAR 88,928 15/7/2016 BNY Mellon Corp (164)ZAR 627,288 USD 40,580 15/7/2016 BNY Mellon Corp 1,949

Total net unrealised appreciation 1,775

Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 54,045

Asian Equity Income Fund USDAUD Class Hedges AUD 22,357,518 USD 16,699,210 15/7/2016 BNY Mellon Corp (79,846)USD 3,198,990 AUD 4,316,353 15/7/2016 BNY Mellon Corp (9,563)CNH Class Hedges CNY 3,171 USD 486 15/7/2016 BNY Mellon Corp (11)USD 63 CNY 414 15/7/2016 BNY Mellon Corp 1NZD Class Hedges NZD 2,645,885 USD 1,789,769 15/7/2016 BNY Mellon Corp 89,333USD 266,196 NZD 385,568 15/7/2016 BNY Mellon Corp (7,630)SGD Class Hedges SGD 3,757,027 USD 2,774,020 15/7/2016 BNY Mellon Corp 13,435USD 902,140 SGD 1,227,276 15/7/2016 BNY Mellon Corp (8,414)ZAR Class Hedges USD 3,737,317 ZAR 56,810,992 15/7/2016 BNY Mellon Corp (114,195)ZAR 261,784,531 USD 16,940,607 15/7/2016 BNY Mellon Corp 807,769


Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 47,336,701

Asian High Yield Bond Fund USDUSD 1,700,000 IDR 22,661,000,000 11/7/2016 BNY Mellon Corp (14,891)USD 4,776,412 SGD 6,485,040 18/7/2016 BNP Paribas (34,917)AUD Class Hedges AUD 12,333,432 USD 9,206,515 15/7/2016 BNY Mellon Corp (38,510)USD 615,702 AUD 827,718 15/7/2016 BNY Mellon Corp 419CHF Class Hedges CHF 2,352 USD 2,469 15/7/2016 BNY Mellon Corp (54)CNH Class Hedges CNY 6,933,034 USD 1,046,332 15/7/2016 BNY Mellon Corp (7,361)EUR Class Hedges EUR 3,584 USD 4,089 15/7/2016 BNY Mellon Corp (103)USD 1,364 EUR 1,209 15/7/2016 BNY Mellon Corp 19NZD Class Hedges NZD 6,015,441 USD 4,090,497 15/7/2016 BNY Mellon Corp 181,645USD 307,357 NZD 435,738 15/7/2016 BNY Mellon Corp (2,096)SGD Class Hedges SGD 51,759,674 USD 38,246,856 15/7/2016 BNY Mellon Corp 155,252USD 6,783,882 SGD 9,196,097 15/7/2016 BNY Mellon Corp (38,989)ZAR Classs Hedges ZAR 5,988 USD 387 15/7/2016 BNY Mellon Corp 19


Underlying exposure to forward foreign exchange contracts BNP Paribas 4,811,931 BNY Mellon Corp 62,367,819

237



CurrencyAmount




(depreciation)

Asian Local Bond Fund USDHKD 79,345,000 USD 10,000,000 25/1/2018 BNY Mellon Corp 212,044HKD 79,100,000 USD 10,000,000 26/1/2018 BNY Mellon Corp 180,427INR 400,000,000 USD 5,841,975 7/7/2016 UBS AG 80,899INR 450,000,000 USD 6,566,467 7/7/2016 JPMorgan Chase & Co 96,766INR 560,000,000 USD 8,034,433 3/8/2016 HSBC Bank Plc 213,627KRW 10,000,000,000 USD 8,521,517 28/9/2016 Goldman Sachs Group, Inc 154,677SGD 7,400,000 USD 5,460,852 20/7/2016 Goldman Sachs Group, Inc 29,204USD 10,000,000 HKD 77,595,000 25/1/2018 BNP Paribas 13,189USD 10,185,030 HKD 79,100,000 26/1/2018 Standard Charter Bank Plc 4,603USD 10,428,305 IDR 140,000,000,000 11/7/2016 Standard Charter Bank Plc (166,318)USD 8,219,580 INR 560,000,000 3/8/2016 Goldman Sachs Group, Inc (28,480)USD 12,343,886 INR 850,000,000 7/7/2016 Goldman Sachs Group, Inc (242,221)USD 6,473,889 PHP 300,000,000 7/7/2016 Standard Charter Bank Plc 98,808USD 11,000,000 SGD 14,873,595 20/7/2016 HSBC Bank Plc (34,712)USD 10,874,923 TWD 353,000,000 9/8/2016 ANZ Bank Plc (100,111)AUD Class Hedges AUD 2,628,722 USD 1,965,337 15/7/2016 BNY Mellon Corp (11,290)USD 117,334 AUD 161,062 15/7/2016 BNY Mellon Corp (2,392)CHF Class Hedges CHF 2,025 USD 2,127 15/7/2016 BNY Mellon Corp (48)USD 61 CHF 59 15/7/2016 BNY Mellon Corp –CNH Class Hedges CNY 3,348 USD 513 15/7/2016 BNY Mellon Corp (12)USD 16 CNY 105 15/7/2016 BNY Mellon Corp –EUR Class Hedges EUR 3,076 USD 3,511 15/7/2016 BNY Mellon Corp (90)USD 1,227 EUR 1,087 15/7/2016 BNY Mellon Corp 18NZD Class HedgesNZD 3,053 USD 2,065 15/7/2016 BNY Mellon Corp 103USD 870 NZD 1,236 15/7/2016 BNY Mellon Corp (8)ZAR Class Hedges USD 2,988,907 ZAR 45,210,814 15/7/2016 BNY Mellon Corp (76,135)ZAR 58,379,579 USD 3,765,004 15/7/2016 BNY Mellon Corp 193,024


Underlying exposure to forward foreign exchange contracts ANZ Bank Plc 10,942,683 BNP Paribas 10,000,773

BNY Mellon Corp 29,544,636 Goldman Sachs Group, Inc 35,062,959

HSBC Bank Plc 19,333,191 JPMorgan Chase & Co 6,667,161

Standard Charter Bank Plc 27,167,305 UBS AG 5,926,365

China Equity Fund USDAUD Class Hedges AUD 1,666,204 USD 1,251,647 15/7/2016 BNY Mellon Corp (13,085)USD 306,907 AUD 409,536 15/7/2016 BNY Mellon Corp 2,480CNH Class Hedges CNY 3,413 USD 523 15/7/2016 BNY Mellon Corp (11)USD 82 CNY 537 15/7/2016 BNY Mellon Corp 1NZD Class Hedges NZD 239,880 USD 163,213 15/7/2016 BNY Mellon Corp 7,149USD 33,736 NZD 48,551 15/7/2016 BNY Mellon Corp (745)

238



CurrencyAmount




(depreciation)

China Equity Fund (continued) USDZAR Class Hedges USD 1,246,982 ZAR 18,979,752 15/7/2016 BNY Mellon Corp (39,757)ZAR 78,531,332 USD 5,072,684 15/7/2016 BNY Mellon Corp 251,577



European Investment Grade Bond Fund EUREUR 3,942,058 GBP 3,150,000 6/7/2016 HSBC Bank Plc 134,880EUR 2,594,979 GBP 2,000,000 6/7/2016 Royal Bank of Scotland Plc 177,724EUR 18,739,733 USD 21,320,000 7/7/2016 Royal Bank of Scotland Plc (436,813)EUR 637,620 USD 720,000 7/7/2016 BNP Paribas (9,994)EUR 1,051,125 USD 1,200,000 7/7/2016 BNY Mellon Corp (28,230)GBP 880,000 EUR 1,107,746 6/7/2016 Royal Bank of Scotland Plc (44,154)GBP 1,590,000 EUR 2,062,766 6/7/2016 BNP Paribas (141,047)USD 5,050,000 EUR 4,464,045 7/7/2016 BNY Mellon Corp 78,242USD 1,550,000 EUR 1,370,553 7/7/2016 HSBC Bank Plc 23,614USD 1,050,000 EUR 922,829 7/7/2016 Royal Bank of Scotland Plc 21,607USD 2,150,000 EUR 1,869,947 7/7/2016 BNP Paribas 63,897USD 590,000 EUR 518,574 6/7/2016 BNP Paribas 12,129

Total net unrealised depreciation (148,145)

Underlying exposure to forward foreign exchange contracts BNP Paribas 5,034,545BNY Mellon Corp 5,622,526

HSBC Bank Plc 5,201,953Royal Bank of Scotland Plc 23,605,349

Global Emerging Markets Bond Fund USDAUD Class Hedges AUD 8,857,326 USD 6,626,188 15/7/2016 BNY Mellon Corp (42,137)USD 857,566 AUD 1,143,242 15/7/2016 BNY Mellon Corp 7,743CNH Class Hedges CNY 3,337 USD 512 15/7/2016 BNY Mellon Corp (12)NZD Class Hedges NZD 1,556,749 USD 1,054,755 15/7/2016 BNY Mellon Corp 50,844USD 370,088 NZD 533,499 15/7/2016 BNY Mellon Corp (8,796)ZAR Class Hedges USD 1,093,261 ZAR 16,536,671 15/7/2016 BNY Mellon Corp (27,834)ZAR 239,831,210 USD 15,503,170 15/7/2016 BNY Mellon Corp 756,861



Global Market Navigator Fund USDUSD 1,275,172 JPY 130,000,000 30/9/2016 BNY Mellon Corp 6,293AUD Class Hedges AUD 31,202 USD 23,343 15/7/2016 BNY Mellon Corp (149)USD 9,084 AUD 12,274 15/7/2016 BNY Mellon Corp (40)NZD Class Hedges NZD 1,162 USD 785 15/7/2016 BNY Mellon Corp 41USD 22 NZD 32 15/7/2016 BNY Mellon Corp –SGD Class Hedges SGD 12,750 USD 9,424 15/7/2016 BNY Mellon Corp 36USD 2,492 SGD 3,391 15/7/2016 BNY Mellon Corp (23)



239



CurrencyAmount




(depreciation)

Japan Dynamic FundAUD Class Hedges AUD 827,339 JPY 66,154,784 15/7/2016 BNY Mellon Corp (2,967,299)JPY 24,291,020 AUD 305,200 15/7/2016 BNY Mellon Corp 981,456CHF Class Hedges CHF 486 JPY 54,902 15/7/2016 BNY Mellon Corp (3,585)JPY 15,716 CHF 144 15/7/2016 BNY Mellon Corp 527EUR Class Hedges EUR 4,890,185 JPY 601,607,283 15/7/2016 BNY Mellon Corp (42,819,011)JPY 348,585,172 EUR 2,855,927 15/7/2016 BNY Mellon Corp 22,246,237GBP Class Hedges GBP 13,769,967 JPY 2,106,058,520 15/7/2016 BNY Mellon Corp (204,908,601)JPY 1,065,036,976 GBP 6,981,096 15/7/2016 BNY Mellon Corp 101,191,450NZD Class Hedges JPY 3,170,611 NZD 42,897 15/7/2016 BNY Mellon Corp 40,463NZD 163,409 JPY 12,031,692 15/7/2016 BNY Mellon Corp (107,950)SGD Hedge Class JPY 4,033,681,887 SGD 51,421,524 15/7/2016 BNY Mellon Corp 113,783,478SGD 135,059,662 JPY 10,761,640,618 15/7/2016 BNY Mellon Corp (466,024,834)USD Class Hedges JPY 13,149,147,808 USD 123,586,309 15/7/2016 BNY Mellon Corp 451,098,036USD 364,767,093 JPY 39,358,756,321 15/7/2016 BNY Mellon Corp (1,880,445,944)ZAR Class Hedges JPY 72,287,093 ZAR 10,307,443 15/7/2016 BNY Mellon Corp 493,654ZAR 23,894,052 JPY 167,697,874 15/7/2016 BNY Mellon Corp (1,271,291)

Total net unrealised depreciation (1,908,713,214)

Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 68,683,664,509

Japan Equity FundAUD Class Hedges AUD 525 JPY 42,314 15/7/2016 BNY Mellon Corp (2,217)JPY 11,717 AUD 148 15/7/2016 BNY Mellon Corp 382NZD Class Hedges JPY 10,629 NZD 144 15/7/2016 BNY Mellon Corp 146NZD 524 JPY 38,343 15/7/2016 BNY Mellon Corp (146)USD Class Hedges JPY 773,416,610 USD 7,086,800 15/7/2016 BNY Mellon Corp 45,280,386USD 12,416,317 JPY 1,333,600,304 15/7/2016 BNY Mellon Corp (57,872,780)ZAR Class Hedges JPY 4,649,458 ZAR 662,160 15/7/2016 BNY Mellon Corp 37,392ZAR 2,372,322 JPY 16,550,675 15/7/2016 BNY Mellon Corp (26,741)

Total net unrealised depreciation (12,583,578)

Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 2,031,921,276

Japan Fundamental Value FundCHF Class Hedges CHF 479 JPY 54,099 15/7/2016 BNY Mellon Corp (3,585)JPY 14,347 CHF 131 15/7/2016 BNY Mellon Corp 527



240



CurrencyAmount




(depreciation)

North America Value FundAUD Class Hedges AUD 113,811 USD 85,056 15/7/2016 BNY Mellon Corp (455)USD 39,000 AUD 51,677 15/7/2016 BNY Mellon Corp 587NZD Class Hedges NZD 318,646 USD 215,669 15/7/2016 BNY Mellon Corp 10,633USD 25,661 NZD 36,860 15/7/2016 BNY Mellon Corp (516)ZAR Class Hedges USD 19,656 ZAR 307,505 15/7/2016 BNY Mellon Corp (1,193)ZAR 1,421,843 USD 91,889 15/7/2016 BNY Mellon Corp 4,509



US Bond FundAUD Class Hedges AUD 21,348,654 USD 15,895,220 15/7/2016 BNY Mellon Corp (25,769)USD 9,381,747 AUD 12,902,122 15/7/2016 BNY Mellon Corp (209,098)



US Corporate Bond FundAUD Class Hedges AUD 9,928,549 USD 7,373,188 15/7/2016 BNY Mellon Corp 7,174USD 1,636,616 AUD 2,202,300 15/7/2016 BNY Mellon Corp (458)CHF Class Hedges CHF 986,596 USD 1,033,146 15/7/2016 BNY Mellon Corp (20,214)CNH Class Hedges CNY 3,362 USD 516 15/7/2016 BNY Mellon Corp (12)EUR Class Hedges EUR 11,708,711 USD 13,366,275 15/7/2016 BNY Mellon Corp (344,751)USD 2,661,693 EUR 2,362,902 15/7/2016 BNY Mellon Corp 33,871GBP Class Hedges GBP 107,070,812 USD 150,874,714 15/7/2016 BNY Mellon Corp (6,995,845)USD 43,507,769 GBP 30,852,646 15/7/2016 BNY Mellon Corp 2,048,814NZD Class Hedges NZD 18,091 USD 12,212 15/7/2016 BNY Mellon Corp 636SGD Class Hedges SGD 126,481 USD 93,057 15/7/2016 BNY Mellon Corp 784USD 4,706 SGD 6,416 15/7/2016 BNY Mellon Corp (54)ZAR Class Hedges USD 686,189 ZAR 10,392,206 15/7/2016 BNY Mellon Corp (18,347)ZAR 104,593,705 USD 6,766,149 15/7/2016 BNY Mellon Corp 325,064

Total net unrealised depreciation (4,963,338)


US High Yield Bond FundAUD Class Hedges AUD 223,158,457 USD 166,866,127 15/7/2016 BNY Mellon Corp (982,330)USD 9,429,188 AUD 12,703,411 15/7/2016 BNY Mellon Corp (13,863)CHF Class Hedges CHF 985 USD 1,033 15/7/2016 BNY Mellon Corp (23)USD 18 CHF 18 15/7/2016 BNY Mellon Corp –EUR Class Hedges EUR 4 USD 4 15/7/2016 BNY Mellon Corp –USD 1 EUR 1 15/7/2016 BNY Mellon Corp –

241



CurrencyAmount




(depreciation)

US High Yield Bond Fund (continued)CNH Class Hedges CNY 3,023 USD 464 15/7/2016 BNY Mellon Corp (10)USD 8 CNY 52 15/7/2016 BNY Mellon Corp –NZD Class Hedge NZD 8,700,681 USD 5,876,429 15/7/2016 BNY Mellon Corp 302,783USD 637,092 NZD 925,094 15/7/2016 BNY Mellon Corp (19,901)ZAR Class Hedges USD 25,833,481 ZAR 392,778,429 15/7/2016 BNY Mellon Corp (795,020)ZAR 6,242,983,835 USD 403,470,825 15/7/2016 BNY Mellon Corp 19,790,015

Total net unrealised appreciation 18,281,651


US Investment Grade Bond FundAUD Class Hedges AUD 8,611,810 USD 6,392,851 15/7/2016 BNY Mellon Corp 8,718USD 362,726 AUD 491,553 15/7/2016 BNY Mellon Corp (2,670)CAD Class Hedges CAD 1,150 USD 875 15/7/2016 BNY Mellon Corp 10CHF Class Hedges CHF 2,202 USD 2,313 15/7/2016 BNY Mellon Corp (51)EUR Class Hedges EUR 69,861 USD 79,736 15/7/2016 BNY Mellon Corp (2,042)USD 76,305 EUR 67,629 15/7/2016 BNY Mellon Corp 1,094GBP Class Hedges GBP 1,130 USD 1,590 15/7/2016 BNY Mellon Corp (73)JPY Class Hedges JPY 2,014,768 USD 18,518 15/7/2016 BNY Mellon Corp 1,090NZD Class Hedges NZD 1,231 USD 832 15/7/2016 BNY Mellon Corp 43ZAR Class Hedges USD 17,308 ZAR 260,243 15/7/2016 BNY Mellon Corp (335)ZAR 14,761,799 USD 953,293 15/7/2016 BNY Mellon Corp 47,526



World Value Equity FundAUD Class Hedges AUD 5,448,194 USD 4,071,334 15/7/2016 BNY Mellon Corp (21,443)USD 1,005,012 AUD 1,358,384 15/7/2016 BNY Mellon Corp (4,742)NZD Class Hedges NZD 1,431,451 USD 970,701 15/7/2016 BNY Mellon Corp 45,911USD 162,700 NZD 233,525 15/7/2016 BNY Mellon Corp (3,146)SGD Class Hedges SGD 2,048 USD 1,513 15/7/2016 BNY Mellon Corp 6USD 230 SGD 312 15/7/2016 BNY Mellon Corp (1)ZAR Class Hedges USD 1,224,205 ZAR 18,540,930 15/7/2016 BNY Mellon Corp (32,771)ZAR 71,960,330 USD 4,659,353 15/7/2016 BNY Mellon Corp 219,382



The net unrealised appreciation/(depreciation) attributed to these transactions are included in the Combined Statement of Net Assets.

242



12. Credit Default SwapsAs at June 30, 2016, the SICAV has the following credit default swaps contracts:

Purchase/Sale of protection

Denomination/ Description Counterparty

Deal Spread

Expiry Date

Nominal Value

Unrealised gain/(loss)

Market Value

Asian Bond Fund USDPurchase Itraxx Asia Ex-Japan IG HSBC Bank USA 1.00% 20/06/2021 10,000,000 (57,994) 190,926

Total market value of credit default swaps 190,926

US High Investment Grade Bond Fund USDPurchase CDX IG 26 JP Morgan 1.00% 20/06/2021 17,000,000 (13,717) (153,575)

Total market value of credit default swaps (153,575)

US Investment Grade Bond Fund USDPurchase CDX IG 26 JP Morgan 1.00% 20/06/2021 2,000,000 2,890 (18,068)

Total market value of credit default swaps (18,068)

The credit default swaps are marked to market daily based upon quotations from market makers and recorded in the Combined Statement of Net Assets.

The SICAV has entered into swap agreements to exchange the return generated by one instrument for the return generated by another investment. In the case of credit default swaps, a series of premiums is paid to the seller of the protection, in return for a payment contingent on a credit event (predefined in the agreement). Where possible, swaps are marked to market based upon daily prices obtained from third party pricing agents and verified against the actual market maker. Where such quotations are not available swaps are priced based upon daily quotations from the market maker. In both cases changes in quotations are recorded as net change in unrealised appreciation/(depreciation) in the Combined Statement of Operations and Changes in Net Assets. Realised gains or losses on maturity or termination of the swaps and the interest earned or incurred in relation to the swaps are presented in the Combined Statement of Operations and Changes in Net Assets.

13. Securities LendingDuring the period the SICAV did not engage in securities lending.

As at June 30, 2016 the SICAV had no securities on loan. The SICAV will, for the time being, not enter into repurchase and reverse repurchase transactions nor engage in securities lending transactions. Should the Management Company decide to use such techniques and instruments in the future, this can be done so at the Management Company’s discretion and the Prospectus will be updated accordingly thereafter.

14. Soft CommissionThe Investment Manager and, where applicable, the Investment Sub-Managers of any Sub-Fund (together, the “Relevant Parties”) may be entitled to receive and/or enter into soft-dollar commissions/arrangements in respect of the Company or the Sub-Funds (as the case may be). The Relevant Parties will comply with applicable regulatory and industry standards on soft-dollars. The soft-dollar commissions/arrangements shall include specific advice as to the advisability of dealing in, or as to the value of any investments, research and advisory services, economic and political analyses, portfolio analyses including valuation and performance measurements, market analyses data and quotation services, computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process, the giving of advice, the conduct of research or analysis, or analysis of trade execution, and custodial service in relation to the investments managed for clients.

Soft-dollar commissions/arrangements shall not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employees’ salaries or direct money payment.

Based on the available soft-dollar commission levels available at each broker, the Relevant Parties will instruct the brokers to pay the vendors the permitted softable costs, based on the percentage of trades attributable to the Company.

15. Transactions with Connected PersonsCertain Directors of the Company are or may also be officers and/or directors of one or more of the Investment Manager or the Investment Sub-Managers of the Company. During the year, one of the Directors of the Company has been holding shares in various Sub-Funds of the Company. Any potential conflict of interest in this respect is being disclosed and monitored under Management Company’s conflicts of interest policy, which also applies to Company Board members.

243



The Company has entered into, via the Management Company, agreements and arrangements with the Investment Manager, who is considered a connected person, under which Management fees and Administrative Fees are payable.

The Management Fees that are paid by the Company to the Investment Managers, via the Management Company, are detailed in note 3 to the financial statements.

The Administration Fees that are paid by the Company to the Global Distributor, via the Management Company, are detailed in note 4 to the financial statements.

No transactions of the Company were effected through a broker who is a connected person of the Company, the Investment Manager or the Directors of the Company. All transactions with connected parties were entered into in the ordinary course of business and under normal commercial terms.

16. Transaction CostsThe Sub-Funds incurred transaction costs from January 1, 2016 to June 30, 2016 and these relate to the purchase or sale of transferable securities, derivatives or other eligible assets. These transaction costs include amounts that are also included in the Combined Statement of Operations and Changes in Net Assets under transaction fees. The transaction costs incurred are as follows:

Sub-Funds Transaction Costs

Asia Pacific Equity Fund USD 1,529,660Asian Bond Fund USD 11,247Asian Dynamic Fund USD 189,630Asian Equity Fund USD 1,158,482Asian Equity Income Fund USD 652,242Asian High Yield Bond Fund USD 5,624Asian Infrastructure Equity Fund USD 38,616Asian Local Bond Fund USD 64,173Asian Property Securities Fund USD 12,206China Equity Fund USD 269,941Developed and Emerging Asia Equity Fund(1) USD 4,073,560Dragon Peacock Fund USD 219,021Emerging Asia Equity Fund USD 102,644Emerging Europe, Middle East & Africa Equity Fund USD 791,843European Investment Grade Bond Fund EUR 29,575Global Bond Navigator Fund USD 15,726Global Emerging Markets Bond Fund USD 4,092Global Emerging Markets Dynamic Fund USD 974,604Global Equity Navigator USD 171,153Global Multi Asset Income Plus Growth Fund(2) USD 95,331Global Low Volatility Equity fund USD 58,443Global Market Navigator Fund USD 183,744Global Technology Fund USD 58,800Greater China Equity Fund USD 105,389Hong Kong Equity Fund USD 470,478India Equity Fund USD 318,049Indonesia Equity Fund USD 394,771Japan Dynamic Fund JPY 100,141,187Japan Equity Fund JPY 9,828,401Japan Fundamental Value Fund JPY 20,015,123Japan Smaller Companies Fund JPY 14,565,511Latin American Equity Fund USD 315,897Malaysia Equity Fund USD 18,623North America Value Fund USD 339,959Pan European Fund USD 19,384Philippines Equity Fund USD 240,168Thailand Equity Fund USD 30,241US Bond Fund USD 3,555US Corporate Bond Fund USD 7,157US High Investment Grade Bond Fund USD 2,997US High Yield Bond Fund USD 6,438US Investment Grade Bond Fund USD 4,686US Strategic Income Bond Fund USD 5,804US Total Return Bond Fund USD 4,719Vietnam Equity Fund USD 14,069World Value Equity Fund USD 154,376(1) Sub-Fund name changed, see Note 1.(2) New Sub-Fund launched, see Note 1.

Transaction costs include commission costs, settlement fees, broker fees and custody transaction fees.

244



17. Dividend and Income DistributionDistributions of interim dividends are at the discretion of the Board of Directors and there is no guarantee that any distribution will be made and if distributions are made, such distributions are not in any way a forecast, indication or projection of the future or likely performance/distribution of the Sub-Fund(s). The making of any distributions shall not be taken to imply that further distributions will be made. The Board of Directors may also vary the frequency and/or amount of the distributions made.

When distributions are declared and paid out with respect to the Sub-Fund(s), the net assets attributable to the Shares will stand reduced by an amount equivalent to the product of the number of Shares outstanding and distribution amount declared per Share. The distribution amount may be sourced from gross income, net realised capital gains and from capital from time to time. When dividends are paid out of gross income, all or part of the Sub-Fund’s fees and expenses are effectively charged to the capital.

The Board of Directors may amend the distribution policy and by giving not less than one month’s prior notice to investors. The Board of Directors may in future review the distribution amount depending on prevailing market conditions, dividend payout of the underlying stocks and dividend policy of the SICAV. Distribution payments shall, subject to determination by the Directors, be made out of either (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of (a) and/or (b) and/or (c).

For the launch of a new Class of Share which distributes, the first distribution will usually be declared after the said Class of Share has been launched for a full period of the fund distribution frequency for the monthly and quarterly distributing Classes of Shares, i.e. a full calendar month for a monthly distributing Class of Share, a full quarter for a quarterly distributing Class of Share.

For capital distributing Classes of Shares with subscripts D followed by C1, C2 or C3, the Classes of Shares may declare a stable rate or amount of distribution. The Board of Directors may determine if and to what extent dividends paid include realised capital gains and/or capital.

The Board of Directors may at its discretion pay dividends out of the capital of a Sub-Fund or pay dividends out of gross income while charging/paying all or part of a Sub-Fund’s fees and expenses to/out of the capital of the relevant Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividends out of capital.

Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of a Sub-Fund’s capital or payment of dividends effectively out of the Sub-Fund’s capital (as the case may be) may result in an immediate reduction of the Net Asset Value per share. However, the payment of distributions will never result in the net assets of the SICAV falling below the legal minimum of € 1,250,000.

An income equalisation amount may be calculated so that the distribution of dividends corresponds to the actual entitlement.

18. Significant Events after period endOn July 5, 2016 a new Sub-Fund India Discovery Fund was launched.

The following share classes were launched after the period end.

Sub-Fund Class of Share Launch Date

Global Multi Asset Income Plus Growth Fund Class ADM July 5, 2016India Discovery Fund Class A July 5, 2016India Discovery Fund Class AS July 5, 2016India Discovery Fund Class AS (hedged) July 5, 2016India Discovery Fund Class R July 5, 2016

There were no other significant events after the period end.

245


Appendix 1

The following share classes were launched during the period:

Sub-Fund Class of Share Launch Date

Asian Bond Fund Class E June 17, 2016Asian Local Bond Fund Class E June 17, 2016Developed and Emerging Asia Equity Fund(1) Class E May 19, 2016Developed and Emerging Asia Equity Fund(1) Class EDY June 20, 2016Emerging Asia Equity Fund Class E May 19, 2016Emerging Europe, Middle East & Africa Dynamic Fund Class E May 18, 2016Global Emerging Markets Dynamic Fund Class E May 19, 2016Global Low Volatility Equity Fund Class AS June 24, 2016Global Multi Asset Income Plus Growth Fund Class D March 1, 2016Japan Smaller Companies Fund Class D May 18, 2016US Corporate Bond Fund Class E May 19, 2016US High Yield Bond Fund Class E May 18, 2016US Investment Grade Bond Fund Class JJDM (hedged) May 10, 2016

(1) Sub-Fund name changed, see Note 1.

246


Appendix 2

The following tables list the Sub-Funds registered or notified for sale in Austria, Belgium, Chile, Denmark, Finland, France, Germany, Italy, Hong Kong, Macau, Netherlands, Norway, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates (UAE) and the United Kingdom.

Registration, Notification or Distribution of Sub-Funds

Luxembourg Austria Belgium

Asia Pacific Equity FundAsian Bond FundAsian Dynamic FundAsian Equity FundAsian Equity Income Fund Asian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Property Securities FundChina Equity FundDeveloped and Emerging Asia Equity Fund(1)

Dragon Peacock FundEmerging Asia FundEmerging Europe, Middle Eastand Africa Dynamic FundEuropean Investment Grade Bond FundGlobal Bond Navigator FundGlobal Emerging Markets Bond FundGlobal Emerging Markets Dynamic FundGlobal Equity Navigator FundGlobal Low Volatility Equity FundGlobal Market Navigator FundGlobal Multi Asset Income Plus Growth Fund(2)

Global Technology FundGreater China Equity FundHong Kong Equity Fund India Discovery Fund(3)

India Equity FundIndonesia Equity FundJapan Dynamic FundJapan Equity FundJapan Fundamental Value FundJapan Smaller Companies FundLatin American Equity FundMalaysia Equity FundNorth America Fund Pan European FundPhilippines Equity FundThailand Equity FundUS Bond FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundUS Strategic Income Bond FundUS Total Return Bond FundVietnam Equity FundWorld Value Equity Fund

Asian Bond FundJapan Dynamic FundJapan Fundamental Value FundUS Corporate Bond Fund


(1) Sub-Fund name changed, see Note 1.(2) Sub-Fund launched, see Note 1.(3) Sub-Fund launched, see Note 18.

247


Appendix 2

Registration, Notification or Distribution of Sub-Funds (continued)

Chile Denmark Finland

Asian Equity FundAsian Equity Income FundChina Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic Fund

China Equity Fund China Equity FundJapan Dynamic Fund

France Germany Hong Kong



Asian Bond FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Property Securities FundChina Equity FundDragon Peacock FundEmerging Europe, Middle Eastand Africa Dynamic FundEuropean Investment Grade Bond FundGlobal Emerging Markets Dynamic FundGlobal Market Navigator FundGreater China Equity FundHong Kong Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundLatin American Equity FundNorth American Value FundThailand Equity FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundWorld Value Equity Fund

Italy Macau Netherlands


Asian Bond FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Property Securities FundChina Equity FundDragon Peacock FundEmerging Europe, Middle Eastand Africa Dynamic FundEuropean Investment Grade Bond FundGlobal Emerging Markets Dynamic FundGlobal Market Navigator FundGreater China Equity FundHong Kong Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundLatin American Equity FundNorth American Value FundThailand Equity Fund US Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundWorld Value Equity Fund


248


Appendix 2


Norway Singapore South Korea

China Equity FundJapan Dynamic Fund

Asian Bond FundAsian Dynamic FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Property Securities FundChina Equity FundGlobal Emerging Markets Dynamic FundGlobal Low Volatility Equity Fund Global Market Navigator FundGlobal Multi Asset Income Plus Growth Fund(2)

Global Technology FundGreater China Equity FundIndia Discovery Fund(3)

India Equity FundIndonesia Equity FundJapan Dynamic FundJapan Equity FundJapan Fundamental Value FundJapan Smaller Companies FundNorth American Value FundPan European FundPhilippines Equity FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundUS Strategic Income Bond FundWorld Value Equity Fund

Asia Pacific Equity FundAsian Bond FundAsian Dynamic FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Property Securities FundChina Equity FundDragon Peacock FundEmerging Europe, Middle Eastand Africa Dynamic FundGlobal Bond Navigator FundGlobal Emerging Markets Bond FundGlobal Emerging Markets Dynamic FundGlobal Market Navigator FundGreater China Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Equity FundLatin American Equity FundNorth American Value FundUS Bond FundUS Corporate Bond FundUS High Yield Bond FundUS Investment Grade Bond Fund

Spain Sweden Switzerland


China Equity FundJapan Dynamic Fund

Asian Bond FundAsian Dynamic FundAsian Equity Income FundAsian High Yield Bond FundAsian Local Bond FundChina Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Fundamental Value FundUS Corporate Bond FundUS High Yield Bond FundUS Investment Grade Bond Fund

(2) Sub-Fund launched, see Note 1.(3) Sub-Fund launched, see Note 18.

249


Appendix 2


Taiwan UAE(4) United Kingdom

Asia Pacific Equity FundAsian Bond FundAsian Equity FundAsian Equity Income FundAsian Infrastructure Equity FundAsian Local Bond FundChina Equity FundDragon Peacock FundEuropean Investment Grade Bond FundGlobal Emerging Markets Bond FundGlobal Technology FundGreater China Equity FundHong Kong Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic Fund Japan Equity FundLatin American Equity FundNorth American Value FundPan European FundThailand Equity FundUS Bond FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundWorld Value Equity Fund

Asian Bond FundAsian Equity Fund Asian Infrastructure Equity Fund Dragon Peacock FundIndonesia Equity FundJapan Dynamic Fund US High Yield Bond Fund

Asian Bond FundAsian Dynamic FundAsian Equity Income FundAsian High Yield Bond FundAsian Local Bond FundChina Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Smaller CompaniesUS Corporate Bond FundUS High Yield Bond FundUS Investment Grade Bond Fund

(4) Registration in the UAE is the responsibility of the distributor.

250


Appendix 3 Calendar Year Performance of Funds and Related Benchmarks

30 June 2016

%

Benchmark 30 June

2016%

31 December 2015

%

Benchmark 31 December

2015%

31 December 2014

%


2014%

Asia Pacific Equity FundClass A (1.2) 2.4 (18.4) (9.4) 4.0 2.8 Class D (0.2) 2.4 (16.8) (9.4) 6.2 2.8

Asian Bond FundClass A 5.9 6.5 1.0 2.8 7.1 8.3 Class AADM (hedged) 6.5 7.3 3.2 5.1 9.7 11.0 Class ACDM (hedged) 5.5 6.4 1.7 3.3 8.1 9.3 Class ADM 5.9 6.5 0.9 2.8 7.1 8.3 Class ADQ 5.9 6.5 0.9 2.8 7.1 8.3 Class AE (hedged) 5.3 5.9 0.6 2.4 7.1 8.3 Class AEDM (hedged) 5.3 5.9 0.6 2.4 7.0 8.3 Class AF (hedged) 5.0 5.6 (0.6) 1.2 6.7 8.0 Class AFDM (hedged) 5.0 5.6 (0.6) 1.2 6.7 8.0 Class AGDM (hedged) 5.9 6.6 1.2 3.0 7.4 8.6 Class AH 6.0 6.6 0.9 2.7 7.1 8.3 Class AH (hedged) 5.7 6.4 (0.1) 1.0 – –Class AHDM 6.0 6.6 0.9 2.7 7.1 8.3 Class ANDM (hedged) 6.7 7.6 4.4 6.2 10.5 11.8 Class ARDMC1 (hedged) 7.9 – 4.4 – 1.6 –Class AS 0.8 1.1 8.0 10.1 12.2 13.7 Class AS (hedged) 6.1 6.8 0.2 1.7 – –Class ASDM 0.8 1.1 5.2 6.5 – –Class ASDM (hedged) 6.1 6.8 0.0 1.1 – –Class AZ (hedged) 9.2 10.2 7.4 9.4 6.4 7.3 Class AZDM (hedged) 9.2 10.2 7.4 9.4 13.3 14.7 Class B 6.3 6.5 1.9 2.8 8.1 8.3 Class BDM 6.3 6.5 0.0 0.6 – –Class C 6.4 6.5 2.0 2.8 8.2 8.3 Class D 6.7 6.5 2.5 2.8 8.7 8.3 Class DH (hedged) 6.6 6.4 (0.1) 0.1 – –Class E* 0.9 0.9 – – – –Class EDY 6.7 6.5 2.5 2.8 8.7 8.3 Class R 6.2 6.5 1.6 2.8 7.8 8.3 Class RDM 6.2 6.5 1.6 2.8 7.8 8.3 Class RE (hedged) 5.6 5.9 1.3 2.4 7.7 8.3 Class REDM (hedged) 5.6 5.9 (0.1) 0.7 – –Class RG (hedged) 6.3 6.6 0.3 1.1 – –Class RGDM (hedged) 6.3 6.6 0.3 1.1 – –

Asian Dynamic FundClass A (0.2) 2.2 (21.6) (9.2) 7.9 4.8 Class B 0.5 2.2 (20.5) (9.2) 9.5 4.8 Class C 0.6 2.2 (20.5) (9.2) 9.5 4.8 Class D 1.1 2.2 (19.6) (9.2) 10.7 4.8 Class R 0.3 2.2 (20.8) (9.2) 9.1 4.8

251


Appendix 3 Calendar Year Performance of Funds and Related Benchmarks (continued)

30 June 2016

%

Benchmark 30 June

2016%

31 December 2015

%


2015%

31 December 2014

%


2014%

Asian Equity FundClass A 0.5 2.2 (17.3) (9.2) 5.6 4.8 Class AADMC1 (hedged) 0.4 – (16.5) – (7.3) –Class ADMC1 0.5 2.2 (17.3) (9.2) (7.5) (6.5)Class ANDMC1 (hedged) 1.0 – (16.2) – (6.8) –Class AS (4.4) (3.1) (11.5) (2.8) 10.7 10.0 Class AZDMC1 (hedged) 1.6 – (13.4) – (7.1) –Class B 1.1 2.2 (16.3) (9.2) 6.9 4.8 Class C 1.1 2.2 (16.2) (9.2) 7.0 4.8 Class D 1.5 2.2 (15.6) (9.2) 7.8 4.8 Class E 1.3 2.2 (15.9) (9.2) 6.1 4.1 Class J 1.3 2.2 (15.9) (9.2) 7.5 4.8

Asian Equity Income FundClass A 1.6 2.4 (12.9) (9.4) 5.3 2.8 Class AADM (hedged) 1.5 2.1 (11.4) (8.3) 6.4 4.4 Class AADMC1 (hedged) 1.5 2.1 (11.4) (8.3) 8.7 7.0 Class ADM 1.6 2.4 (12.9) (9.4) 5.3 2.8 Class ADMC1 1.6 2.4 (12.9) (9.4) 7.6 5.4 Class ANDMC1 (hedged) 2.2 – (11.3) – 9.6 –Class ARDMC1 (hedged) 2.8 – (10.2) – 1.0 –Class AS (3.4) (2.9) (6.8) (3.0) 10.3 7.9 Class AS (hedged) 1.4 2.2 (12.8) (9.1) 4.9 2.5 Class ASDM (3.3) (2.9) (6.9) (3.0) 10.3 7.9 Class AZDMC1 (hedged) 2.5 – (8.4) – 11.6 –Class B 1.9 2.4 (12.3) (9.4) 6.0 2.8 Class C 2.0 2.4 (12.2) (9.4) 6.1 2.8 Class D 2.3 2.4 (11.6) (9.4) 6.9 2.8 Class DDH 2.3 2.4 (11.6) (9.4) 6.9 2.8 Class R 2.0 2.4 (12.2) (9.4) 6.1 2.8

Asian High Yield Bond FundClass A 8.2 7.8 2.3 5.2 5.0 6.1 Class AADM (hedged) 8.7 8.4 4.4 7.3 7.3 8.6 Class AADMC1 (hedged) 8.7 8.4 4.4 7.3 (1.0) (0.3)Class ADM 8.2 7.8 2.3 5.2 5.0 6.1 Class ADMC1 8.2 7.8 2.4 5.2 (1.5) (0.9)Class AE (hedged) 7.6 7.1 1.9 4.7 4.9 5.9Class AF (hedged) 7.3 6.8 0.1 3.6 4.6 5.7 Class AFDM (hedged) 7.4 6.8 0.1 3.6 4.6 5.7 Class ANDM (hedged) 8.9 8.7 5.6 8.4 8.2 9.5 Class ANDMC1 (hedged) 8.9 8.7 5.6 8.4 (0.7) 0.1 Class ARDMC1 (hedged) 10.1 – 5.8 – (1.1) –Class ASDM 3.0 2.3 9.4 12.6 10.0 11.3Class ASDM (hedged) 8.4 8.0 2.7 6.2 4.8 6.1 Class AZDMC1 (hedged) 11.3 – 8.6 – (0.1) –Class B 8.7 7.8 3.2 5.2 5.9 6.1 Class C 8.7 7.8 2.7 5.2 5.5 6.1 Class D 9.0 7.8 3.8 5.2 6.6 6.1 Class R 8.6 7.8 3.1 5.2 5.7 6.1 Class RE (hedged) 7.9 7.1 2.6 4.7 5.5 5.9

Asian Infrastructure Equity FundClass A 3.3 5.4 (13.0) (10.2) (2.2) (1.5)Class C 4.0 5.4 (11.8) (10.2) (0.9) (1.5)Class J 4.3 5.4 (1.9) 0.3 – –

252



30 June 2016

%

Benchmark 30 June

2016%

31 December 2015

%


2015%

31 December 2014

%


2014%

Asian Local Bond FundClass A 8.2 8.2 (5.2) (4.4) 4.3 4.1 Class AADM (hedged) 8.5 8.5 (3.3) (3.1) 6.5 6.8 Class ADM 8.2 8.2 (5.2) (4.4) 4.3 4.1 Class AE (hedged) 7.4 – (5.6) – 4.0 –Class AF (hedged) 7.2 – (6.7) – 3.7 –Class AFDM (hedged) 7.2 – (6.8) – 3.7 –Class AH 8.3 8.4 (5.2) (4.4) 4.4 4.2 Class ANDM (hedged) 8.8 8.8 (2.5) (2.1) 7.4 8.0 Class ARDMC1 (hedged) 10.2 – (1.9) – 0.2 –Class AS 3.0 2.7 1.4 2.4 9.3 9.3 Class ASDM 3.0 2.7 1.4 2.4 9.3 9.3 Class AZDM (hedged) 11.2 – 0.5 – 10.2 –Class B 8.7 8.2 (4.3) (4.4) 4.9 4.1 Class C 8.5 8.2 (4.2) (4.4) 5.4 4.1 Class D 9.1 8.2 (3.7) (4.4) 5.9 4.1 Class E* 1.3 1.4 – – – –Class EDY 9.0 8.2 (3.7) (4.4) 5.9 4.1 Class F 8.7 8.2 (4.4) (4.4) 5.3 4.1 Class R 8.6 8.2 (4.5) (4.4) 5.1 4.1 Class RE (hedged) 7.8 – (5.0) – 4.7 –

Asian Property Securities FundClass A 4.0 8.1 (3.1) (2.3) 13.6 11.8 Class AS (1.0) 2.6 3.7 4.6 19.1 17.3Class ASDQ (0.9) 2.6 3.5 4.6 19.0 17.3Class D 5.1 8.1 (1.1) (2.3) 16.0 11.8

China Equity FundClass A (5.1) (4.7) (7.4) (7.8) 2.4 8.0 Class AADMC1 (hedged) (5.0) – (5.7) – (4.2) –Class ADM (5.1) (4.7) (7.3) (7.8) 3.6 3.0 Class ADMC1 (5.1) (4.7) (7.4) (7.8) (4.6) (2.9)Class AE (7.1) (6.8) 3.2 2.7 16.3 22.9 Class AH (5.0) (4.6) (7.5) (7.9) 2.4 8.0 Class AHDM (4.9) (4.6) (13.7) (14.9) – –Class ANDMC1 (hedged) (4.5) – (6.4) – (3.8) –Class AR (hedged) (3.8) - (4.6) – 6.5 –Class AS (9.7) (9.6) (0.9) (1.3) 7.3 13.3 Class AZDMC1 (hedged) (4.2) – (3.0) – 3.7 –Class B (4.5) (4.7) (6.3) (7.8) 3.6 8.0 Class C (4.5) (4.7) (6.2) (7.8) 9.8 10.5 Class CE (6.5) (6.8) 4.6 2.7 17.9 22.9 Class D (4.1) (4.7) (5.5) (7.8) 4.5 8.0 Class J (4.2) (4.7) (5.7) (7.8) 4.3 8.0 Class R (4.7) (4.7) (6.6) (7.8) 3.2 8.0

Developed and Emerging Asia Equity Fund(1)

Class E* 6.2 – – – – –Class EDY* 1.1 – – – – –

Dragon Peacock FundClass A (1.6) (1.6) (6.2) (6.3) 11.2 16.1 Class AH (1.5) (1.5) (6.3) (6.4) 11.2 16.1 Class D (0.5) (1.6) (4.1) (6.3) 13.7 16.1

Emerging Asia Equity FundClass E* 8.7 7.3 – – – –

253


30 June 2016

%

Benchmark 30 June

2016%

31 December 2015

%


2015%

31 December 2014

%


2014%

Emerging Europe, Middle East and Africa Dynamic FundClass A 10.5 11.5 (21.5) (20.0) (20.8) (15.2)Class D 11.9 11.5 (19.6) (20.0) (18.8) (15.2)Class E* 4.6 3.8 – – – –

European Investment Grade Bond FundClass AE 3.5 4.1 (2.5) (0.4) 6.8 8.3 Class AEDM 3.5 4.1 (2.4) (0.4) 6.9 8.3 Class DE 4.3 4.1 (1.1) (0.4) 8.5 8.3

Global Bond Navigator FundClass A 4.8 – (6.0) – 0.0 –Class D 5.7 – (4.3) – 1.9 –

Global Emerging Markets Bond FundClass A 8.4 10.3 (1.5) 1.2 5.1 7.4 Class AADM (hedged) 8.9 10.8 0.7 3.3 7.4 9.8 Class AADMC1 (hedged) 8.8 10.8 0.6 3.3 1.0 3.8 Class ADM 8.4 10.3 (1.6) 1.2 5.2 7.4 Class ADMC1 8.4 10.3 (1.6) 1.2 (0.5) 0.4 Class ANDMC1 (hedged) 9.1 – 1.7 – 1.4 –Class ARDMC1 (hedged) 10.4 – 1.9 – 0.0 –Class AZ (hedged) 11.4 – 4.5 – 3.0 –Class AZDM (hedged) 11.4 – 4.5 – 10.4 –Class AZDMC1 (hedged) 11.4 – 4.5 – 3.0 –Class D 9.2 10.3 (0.1) 1.2 6.8 7.4

Global Emerging Markets Dynamic FundClass A 10.3 6.4 (17.7) (14.9) (11.8) (5.4)Class AS 5.1 1.0 (11.9) (8.9) (6.4) (0.8)Class D 11.3 6.4 (16.3) (14.9) (8.8) (2.2)Class E* 9.8 7.5 – – – –

Global Equity Navigator FundClass A (1.2) – (3.5) – (0.7) –Class D (0.2) – (1.5) – 1.3 –

Global Low Volatility Equity FundClass AS* 2.0 3.7 – – – –Class D 8.2 11.0 3.4 4.8 – –

Global Market Navigator FundClass A 1.7 – (3.8) – 1.1 –Class AADMC1 (hedged) 2.0 – (1.8) – 3.2 –Class ADMC1 1.7 – (3.7) – 1.2 –Class ANDMC1 (hedged) 2.4 – (1.1) – 4.1 –Class ASDMC1 (hedged) 1.7 – (3.5) – 1.1 –Class C 2.1 – (3.0) – 1.9 –Class D 2.4 – (2.3) – 2.7 –

Global Multi Asset Income Plus Growth Fund(2)

Class D* 6.3 6.2 – – – –

Global Technology FundClass A (5.2) (0.3) 3.5 3.2 9.7 15.2 Class CS (9.2) (5.4) 12.3 10.5 16.6 20.9


254



30 June 2016

%

Benchmark 30 June

2016%

31 December 2015

%


2015%

31 December 2014

%


2014%

Greater China Equity FundClass A (0.6) (0.4) (9.4) (7.4) 3.6 7.7 Class AH (0.5) (0.3) (9.5) (7.5) 3.6 7.7 Class C 0.1 (0.4) (8.2) (7.4) 5.0 7.7 Class D 0.4 (0.4) (7.5) (7.4) 5.7 7.7

Hong Kong Equity FundClass A (2.0) 0.4 (5.9) (0.5) 1.0 5.1 Class AH (1.9) 0.5 (6.0) (0.6) 1.1 5.1 Class D (1.0) 0.4 (4.0) (0.5) 3.2 5.1

India Equity FundClass A (1.3) 1.1 (7.4) (6.1) 30.0 23.9 Class AS (6.1) (4.1) (0.9) 0.5 36.1 30.0 Class B (0.8) 1.1 (6.3) (6.1) 31.5 23.9 Class C (0.7) 1.1 (6.2) (6.1) 31.7 23.9 Class D (0.3) 1.1 (5.5) (6.1) 32.6 23.9 Class J (0.4) 1.1 (5.7) (6.1) 32.4 23.9 Class R (0.9) 1.1 (6.6) (6.1) 31.0 23.9

Indonesia Equity FundClass A 14.7 15.2 (22.4) (19.6) 22.6 22.5 Class AS 9.2 9.3 (16.9) (13.9) 27.9 28.6 Class B 15.4 15.2 (21.5) (19.6) 24.1 22.5 Class C 15.4 15.2 (21.5) (19.6) 24.2 22.5 Class D 15.8 15.2 (20.8) (19.6) 25.2 22.5 Class J 15.7 15.2 (21.1) (19.6) 24.9 22.5

Japan Dynamic FundClass A (10.8) (5.6) 11.6 9.6 (2.9) (4.0)Class A (hedged) (24.9) (20.4) 13.2 9.6 9.2 9.0 Class AA (hedged) (24.1) (19.7) (9.4) (6.2) – –Class AE (12.4) (7.7) 24.3 22.1 (0.4) 0.9 Class AE (hedged) (25.0) (20.9) 14.0 9.6 1.5 2.6 Class AF (12.2) (8.1) (2.7) (0.6) – –Class AF (hedged) (25.4) – (9.0) – – –Class AG (hedged) (25.5) (21.8) 11.7 9.3 – –Class AJ (24.0) (19.5) 12.9 9.9 1.5 2.8 Class AN (hedged) (23.6) – (9.2) – – –Class AS (15.1) (10.4) 19.4 17.3 (0.6) (0.2)Class AS (hedged) (24.2) (19.9) 13.6 10.3 9.4 9.2 Class AZ (hedged) (22.6) – (7.7) – – –Class B (10.7) (5.6) 11.9 9.6 (2.5) (4.0)Class C (10.5) (5.6) 12.4 9.6 (2.2) (4.0)Class C (hedged) (24.6) (20.4) 1.4 2.7 – –Class CDY (10.5) (5.6) 9.2 7.3 – –Class CE (12.0) (7.7) 25.3 22.1 (0.3) 0.9 Class CE (hedged) (24.6) (20.9) 14.9 9.6 1.7 2.6 Class CG (1.2) 4.1 (0.9) 0.4 – –Class CJ (23.7) (19.5) (8.2) (7.7) – –Class D (10.1) (5.6) 13.3 9.6 (1.4) (4.0)Class R (10.5) (5.6) 12.4 9.6 (2.5) (4.0)Class R (hedged) (24.6) (20.4) 14.1 9.6 (1.6) (0.2)Class RE (12.1) (7.7) 25.3 22.1 (0.3) 0.9 Class RE (hedged) (24.7) (20.9) 14.9 9.6 1.7 2.6 Class RG (1.2) 4.1 (2.9) 1.1 – –Class RG (hedged) (25.2) (21.8) 14.0 9.3 (1.6) (0.2)Class RJ (23.6) (19.5) 3.2 6.3 – –

255



30 June 2016

%

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2016%

31 December 2015

%


2015%

31 December 2014

%


2014%

Japan Equity FundClass A (10.4) (5.9) 10.9 9.9 (8.0) (4.9)Class AADMC1 (hedged) (23.7) – (2.4) – – –Class ADMC1 (hedged) (24.3) – (3.5) – – –Class AJ (23.6) (19.7) 12.2 10.3 4.3 8.5 Class ANDMC1 (hedged) (23.2) – (2.0) – – –Class AZDMC1 (hedged) (22.2) – (0.2) – – –Class DJ (22.8) (19.7) 14.6 10.3 6.4 8.5 Class EDY (9.5) (5.9) 13.2 9.9 (6.1) (4.9)

Japan Fundamental Value FundClass AE (11.4) (7.7) (5.7) (3.9) – –Class AF (11.3) (8.1) (2.3) (0.1) – –Class AF (hedged) (24.5) – (8.7) – – –Class D (8.9) (5.6) 14.1 11.1 (3.3) (3.3)Class RG (0.1) 4.1 (0.5) 0.9 – –

Japan Smaller Companies FundClass A (1.4) (2.0) 9.1 14.7 2.5 0.6 Class BJ (15.5) (16.4) 11.6 15.1 12.4 12.1 Class CG 9.5 8.1 (1.0) 5.5 – –Class CJ (15.5) (16.4) 11.8 15.1 17.4 14.8 Class D* (0.8) 0.4 – – – –Class EDY (0.4) (2.0) 11.4 14.7 4.6 0.6 Class RG 9.3 8.1 (1.1) 5.5 – –Class RJ (15.5) (16.4) (5.8) (0.5) – –

Latin American Equity FundClass A 26.0 24.3 (39.6) (31.3) (17.6) (12.6)Class D 27.2 24.3 (38.4) (31.3) (15.9) (12.6)Class EDY 27.2 24.3 (38.4) (31.3) (15.9) (12.6)

Malaysia Equity FundClass A 6.2 6.5 (22.2) (20.1) (12.5) (10.7)Class J 7.2 6.5 (21.0) (20.1) (10.8) (10.7)

North American Value FundClass A 0.6 3.8 (11.4) (3.4) 11.1 13.9Class AADMC1 (hedged) 0.6 – (9.7) – 0.8 –Class ADMC1 0.6 3.8 (11.3) (3.4) 0.8 0.8 Class ANDMC1 (hedged) 1.1 – (9.3) – 0.8 –Class AS (4.3) (1.2) (5.2) 3.5 16.3 18.8 Class AZDMC1 (hedged) 1.8 – (7.0) – 0.8 –Class D 1.6 3.8 (9.6) (3.4) 13.3 13.9

Pan European FundClass A (2.7) (5.1) 2.7 (2.8) (8.4) (6.2)Class CS (6.9) (10.0) 10.9 4.0 (3.1) (1.5)

Philippines Equity FundClass A 11.0 13.5 (10.3) (6.9) 22.1 24.5 Class AS 5.9 7.7 (4.4) (0.3) 27.6 30.6Class B 11.6 13.5 (9.3) (6.9) 23.5 24.5 Class C 11.7 13.5 (11.0) (9.8) – –Class J 12.0 13.5 (8.8) (6.9) 24.3 24.5 Class JJ (4.5) (3.2) (9.1) (6.5) 42.9 42.0

Thailand Equity FundClass A 16.9 17.1 (24.4) (23.4) 11.4 16.9 Class J 18.1 17.1 (23.0) (23.4) 13.6 16.9

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US Bond FundClass A 5.6 5.5 (1.0) 0.4 4.2 5.8 Class AADM (hedged) 6.3 6.3 1.3 2.8 7.2 8.5 Class ADM 5.6 5.5 (1.0) 0.4 4.2 5.8 Class C 6.1 5.5 0.0 0.4 5.3 5.8 Class D 6.4 5.5 0.5 0.4 5.8 5.8 Class EDY 6.4 5.5 0.5 0.4 5.8 5.8

US Corporate Bond FundClass A 7.4 7.5 (2.2) (0.8) 6.1 7.2 Class AADM (hedged) 8.0 8.2 0.2 1.5 8.8 9.8 Class AADMC1 (hedged) 8.0 8.2 0.2 1.5 8.8 9.8 Class ADM 7.4 7.5 (2.2) (0.8) 6.1 7.2 Class ADMC1 7.4 7.5 (2.3) (0.8) 6.1 7.2 Class AE (hedged) 6.8 6.8 (2.5) (1.0) 6.1 7.1 Class AEDM (hedged) 6.8 6.8 (2.5) (1.0) 6.1 7.1 Class AF (hedged) 6.5 6.5 (3.5) (2.4) 5.8 6.8 Class AFDM (hedged) 6.5 6.5 (3.5) (2.4) 5.8 6.8 Class ANDM (hedged) 8.2 8.5 1.1 2.6 9.5 10.6 Class ANDMC1 (hedged) 8.2 8.5 1.2 2.6 9.5 10.6 Class ARDMC1 (hedged) 9.5 – 1.3 – 2.1 –Class ASDM (hedged) 7.6 7.7 (1.5) 0.3 6.1 7.2 Class AZDM (hedged) 10.8 11.2 4.0 5.6 12.5 13.5Class AZDMC1 (hedged) 10.8 11.2 4.0 5.6 12.5 13.5Class B 7.9 7.5 (1.4) (0.8) 7.2 7.2 Class C 8.0 7.5 (1.4) (0.8) 6.8 7.2 Class CDY 7.9 7.5 (1.2) (0.8) 7.2 7.2 Class CE 5.7 5.7 10.2 10.6 1.9 1.0 Class CE (hedged) 7.3 6.8 (1.0) (0.4) – –Class CG 18.9 17.9 4.0 4.1 1.1 0.7 Class CG (hedged) 8.0 7.6 (0.6) – – –Class D 8.2 7.5 (0.7) (0.8) 7.8 7.2 Class E* 2.7 2.6 – – – –Class G 7.7 7.5 (1.7) (0.8) 6.7 7.2 Class GDM 7.7 7.5 (1.6) (0.8) 6.8 7.2 Class GEDM (hedged) 7.1 6.8 (1.9) (1.0) 6.8 7.1 Class GFDM (hedged) 6.8 6.5 (2.9) (2.4) 6.4 6.8 Class R 7.9 7.5 (1.4) (0.8) 6.8 7.2 Class RDM 7.9 7.5 (1.4) (0.8) 6.8 7.2 Class RE (hedged) 7.2 6.8 (1.7) (1.0) 6.9 7.1 Class REDM (hedged) 7.3 6.8 (4.5) (4.0) – –Class RGDM (hedged) 7.9 7.6 (1.1) (0.4) 0.8 0.1

US High Investment Grade Bond FundClass A 6.0 6.5 (0.4) 0.7 5.7 6.8 Class ADM 6.0 6.5 (0.3) 0.7 5.6 6.8 Class ADQ 6.0 6.5 (0.2) 0.7 3.5 4.1 Class AS 0.9 1.3 6.6 7.9 10.7 11.3 Class C 6.5 6.5 0.7 0.7 6.7 6.8 Class D 6.8 6.5 1.2 0.7 7.3 6.8

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US High Yield Bond FundClass A 8.2 9.0 (9.2) (4.7) (2.2) 2.6 Class AADM (hedged) 8.5 9.6 (7.5) (2.5) (0.1) 4.8 Class AADMC1 (hedged) 8.5 9.6 (7.5) (2.5) (0.2) 4.8 Class ADM 8.2 9.0 (9.3) (4.7) (2.2) 2.6 Class ADMC1 8.2 9.0 (9.3) (4.7) (2.2) 2.6 Class AFDM (hedged) 7.5 7.9 (11.0) (6.8) (2.7) 2.0 Class ANDM (hedged) 9.0 9.8 (6.5) (1.2) 0.5 5.7 Class ANDMC1 (hedged) 9.0 9.8 (6.5) (1.2) 0.5 5.7 Class ARDMC1 (hedged) 10.1 – (6.2) – (3.1) –Class AS 3.0 3.7 (2.8) 2.2 2.4 6.9 Class AZDM (hedged) 10.9 12.6 (4.3) 1.0 3.4 8.4 Class AZDMC1 (hedged) 10.9 12.6 (4.3) 1.0 3.4 8.4 Class B 8.7 9.0 (8.4) (4.7) (1.5) 2.6 Class C 8.7 9.0 (8.4) (4.7) (1.3) 2.6 Class D 9.0 9.0 (7.8) (4.7) (0.6) 2.6 Class E* 1.6 1.6 – – – –Class R 8.6 9.0 (8.6) (4.7) (1.7) 2.6

US Investment Grade Bond FundClass A 7.9 8.2 (3.0) (1.5) 6.5 7.4 Class AADM (hedged) 8.3 8.7 (0.6) 0.9 9.3 12.3Class ACDM (hedged) 7.6 7.9 (2.3) (0.2) 7.7 12.7 Class ADM 7.9 8.2 (3.0) (1.5) 6.5 7.4 Class ADQ 7.9 8.2 (3.0) (1.5) 6.5 7.4 Class AE (hedged) 7.7 7.4 (3.3) (3.0) 6.5 8.2 Class AF (hedged) 7.1 7.1 (4.4) (3.8) 6.2 6.9 Class AFDM (hedged) 7.1 7.1 (4.4) (3.8) 6.2 6.9 Class AGDM (hedged) 8.0 8.2 (2.6) (1.5) 6.9 7.1 Class AHDM 8.1 8.3 (3.0) (1.6) 6.6 7.4 Class ANDM (hedged) 8.6 9.0 0.4 2.4 10.0 12.9 Class AS 2.7 2.9 3.7 5.5 11.7 11.9 Class AZDM (hedged) 12.1 – (1.6) – – –Class B 8.4 8.2 (2.1) (1.5) 7.6 7.4 Class C 8.5 8.2 (2.0) (1.5) 7.6 7.4 Class D 8.7 8.2 (1.5) (1.5) 8.2 7.4 Class JJDM (hedged)* 1.9 0.0 – – – –Class R 8.3 8.2 (2.3) (1.5) 7.3 7.4 Class RE (hedged) 8.0 7.4 (2.7) (3.0) 7.2 8.2

US Strategic Income Bond FundClass D 6.3 7.6 (4.5) (3.0) – –

US Total Return Bond FundClass D 6.3 5.5 (1.1) 0.6 – –

Vietnam Equity FundClass J 13.8 7.5 10.3 4.3 10.1 5.0

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World Value Equity FundClass A (3.3) 0.7 (6.5) (0.9) 1.6 4.9 Class AADM (hedged) (3.3) – (4.7) – 5.1 –Class AADMC1 (hedged) (3.2) – (4.7) – 5.1 –Class ADM (3.3) 0.7 (6.5) (0.9) 3.4 5.5 Class ADMC1 (3.3) 0.7 (6.5) (0.9) 3.4 5.5 Class ANDMC1 (hedged) (2.6) – (4.2) – 5.7 –Class AS (hedged) (3.4) 0.8 (6.4) 0.9 (4.8) 0.1 Class ASDM (hedged) (3.4) 0.8 (6.4) 0.9 (4.9) 0.1 Class AZ (hedged) (2.0) – (1.4) – 3.0 –Class AZDMC1 (hedged) (2.0) – (1.4) – 7.8 –Class C (2.7) 0.7 (5.3) (0.9) 2.9 4.9 Class D (2.3) 0.7 (4.6) (0.9) 3.7 4.9

Past performance is not necessarily a guide to future performance and do not take into account fees or commissions that may occur on subscription and redemption.

* New share class launched in 2016, see Appendix 1.(1) Sub-Fund name changed, see Note 1.(2) Sub-Fund launched, see Note 1.

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